Medicare by Tanya Feke MD

Author:Tanya Feke, MD
Language: eng
Format: epub
Publisher: DK Publishing

The Drug Business

Your health depends on many factors. Exercise and active lifestyles are one part. What you put into your body is another. Food provides nourishment and essential nutrients and vitamins to keep you healthy. Despite your best efforts to eat well and make healthy choices, sometimes you may need help in the form of prescription medications.

How Formularies Work

There are a limited number of ways to purchase prescription medications. For one, you could purchase directly from the manufacturer. This rarely happens in America since pharmacies frequently act as a middle man. Your next option is to purchase a medication from a pharmacy when you have no insurance—often an expensive proposition. Finally, you may purchase from a pharmacy when you do have insurance. What you pay for the medication will depend on what others have negotiated for you behind the scenes.

Pharmacies and insurance companies work with pharmaceutical companies to offer you medications at a set cost. You may recognize some of the larger pharmaceutical companies by their branding and marketing, while other companies are much smaller in size and make more generic medications.

The drug manufacturer wants to sell its product so it negotiates deals with the pharmacies and insurance companies. The manufacturer sells their medications to them at a discounted rate. The insurance company then offers you a formulary with the medications it prefers to use. They prefer to use these medications because they will be less expensive to the company overall, even if you pay a part of the price known as a copay.

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