(KUTV) — Brad Bangerter, CEO of LowestMed, joined 2News in studio to discuss prescription drug cost awareness, as part of National Rx Cost Awareness Week.
The week was designated as a time when consumers and health care professionals could open a dialogue and find meaningful ways to manage their health care costs.
According to Bangerter, 63% of consumers first learn about a drug's cost when they pick it up at the pharmacy. "By then it's too late to take cost effective measures," he says.
40% of doctors prescribed expensive brand name drugs at the request of patients, which is likely because of TV advertising. In 2017, pharmaceutical television advertising reached $3.45 billion.
27 million Americans experienced a price increase on their medications in 2017, and 33% of adults cited cost as a reason for skipping prescriptions or doses.
People can compare the prices of prescription drugs on websites such as LowestMed. This provides the prices at local pharmacies and even discount coupons.
Watch the full interview below: