- Americans pay more for prescription drugs than any other nation in the world; prices keep increasing
- Patients pay about 14% of prescription drug costs out of pockets; around 20% report not being able to complete a prescribed course of medicine due to costs
- UME’s committed to providing consumers better access to the healthcare they need; its Medication Management App features GoodRx in-built functionality enabling them to view discount prices and coupons
United Medical Equipment Business Solutions Network (“UME”) has developed the Medication Management App with twelve different functionalities within the convenience of one application, with the newest addition of GoodRX — a feature that allows users to save money on prescription drugs. Prescription drug spending in the US eclipse that in all other countries — on average $1,200 per person per year — mainly due to high prices of brand-name drugs, which have been increasing faster than the consumer price index (https://ibn.fm/4wdP7).
Market exclusivity protected by monopoly rights and patents allows manufacturers to set high drug prices. The prices usually fall after the exclusivity period ends and generic drugs become available, but access to them may be postponed by numerous business and legal tactics. Another contributing factor to high medication spending is doctors prescribing more expensive choices when cheaper alternatives are available. Although high prices are often justified by the high cost of drug research and development, there is no evidence to support this. Instead, prescription drugs are often priced based on what the market will bear.
As patients pay about 14% of prescription drug costs out of their own pockets, many are not able to afford the medication bills. A survey found that 20% of US adults could not complete a prescribed course of medicine because of cost, compared to 10% in Germany, Canada, and Australia.
UME’s Medication Management App enables users to make quick, well-informed, and potentially lifesaving decision making on the go. The app features an integrated GoodRx function that allows users to view discount prices and coupons while managing medications all within the app. GoodRx, a company allowing users to compare drug prices and find coupons at over 60,000 pharmacies across the US, enables consumers to shop around for prescription drugs and lower their medication costs.
Around 20 million people visit GoodRx every month, and over the past decade, the app has helped more than 18 million patients pay for a prescription medication they otherwise would not have been able to afford, saving them around $30 billion to date (https://ibn.fm/3Yfyo).
With the help of the GoodRx in-built feature, the UME’s Medication Management App users can compare prices between pharmacies, access free coupons for their prescriptions, and show the coupon to the pharmacist when picking up the prescription — all without ever leaving the app. As US drug manufacturers remain unregulated, which means they can set any price they believe the market will bear for a given drug, the out-of-pocket costs for patients will likely continue to rise. UME strives to be the leading provider of high-quality, reliable, and transparent information and resources for consumers, helping them access the high-quality, affordable healthcare they need.
For more information, visit the company’s website at www.UnitedMedSolutions.com.
NOTE TO INVESTORS: The latest news and updates relating to United Medical Equipment are available in the company’s newsroom at https://ibn.fm/UnitedMed
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