Analyzing the Effects of The Global Pandemic on Drug Prices

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The global pandemic has caused a strain on all sectors of the United States economy. Although there has been an artificial boom in the stock market due to constant stimulus waves, factors such as loss of income, unemployment statistics, and eviction rates have only worsened over time. This could continue through the majority of 2021 until the supply chain issues for the vaccines are solved. These problems have also severely impacted the healthcare industry. With additional stress on pharmaceutical companies to deliver higher profits every year during a sluggish economy, many corporate executives have actively taken steps to increase the prices of vital life-saving drugs. According to statistics from 46brooklyn, examples include but are not limited to “Cosentyx, injections used to treat inflammation from plaque psoriasis, made by Novartis – 9%. Epidiolex, treats seizures, GW Pharma – 8.2%. Humira, injections for arthritis, plaque psoriasis, Crohn’s disease, ulcerative colitis, made by AbbVie – 7.4%.” These price hikes have dangerous implications for consumers who are already facing economic difficulties. Constraints due to price increases may drive people to choose not to obtain medication necessary for their health.

For most people who are aiming to navigate ways to purchase necessary medication, there may be a concern as to whether Medicare or Medicaid may be able to cover the costs. People not eligible for these government programs may be worrying if their private insurance plans cover such price raises. The answers tend to depend on the medication in question and can be vastly complex. Fortunately, some companies specialize in advising consumers on the plans that best fit their specific needs through experts that have been trained and licensed. At Engagent Health, one of our core goals is to find the best products for our customers so they receive the best benefits for their specific needs while paying the least amount of money. Together, we can solve this crisis and move forward toward recovery. The fight to help reduce drug prices overtime requires excessive knowledge in the industry to locate the best prices as well as the strength to push for legislation in the future limiting the profit that corporations can take for such products. We all have a part to play in making this difference.