WEST PALM BEACH, Fla. — The costs of many prescription drugs are on the rise.
Hundreds of drugs are costing an average of 5% more and additional increases are likely.
In the month of January, the prices for nearly 1,000 drugs increased. The cost to the consumer varies, but not only are people shelling out more on co-pays for certain prescriptions, but some drugs are also difficult to get due to shortages.
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Julie Itkowitz is taking several medications for diabetes.
Julie Itkowitz, who has diabetes, discusses the rising costs of her medications.
“Even with my husband and I both working, it’s difficult because you’re having to pay a copay for everything,” Itkowitz said.
She’s noticed prices are up — even the price for the sensor to read her blood sugar levels is high.
“For me, a two-pack is $74, and I have insurance, so that’s a very high copay,” Itkowitz said.
This month, some big pharmaceutical companies like Pfizer, slot Eli Lilly and Janssen have raised prices. Data from 46brooklyn — a drug research company — shows that a range of medications has gone up.
Trulicity and Mounjaro, which are both used to treat diabetes, are among the drugs costing more.
Nirav Patel outlines the supply issues he is experiencing with some medications.
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“I do see people do have to choose food over drugs a lot of times, and you do see that on a regular basis,” pharmacist Nirav Patel, the owner of Robalo Pharmacy in Lake Park, said.
Patel said on top of rising costs, his customers face continued supply issues.
“On an average, about three to five drugs on a daily basis that they don’t have access to, that I may have to wait another two to three days or find another wholesaler,” Patel said.
One type of injection used for diabetes, he said, also has weight-loss side effects, driving up demand for it.
“To me, that’s very appalling and very upsetting,” Itkowitz said.
Many in the pharmaceutical industry expect prices will continue to increase as a new federal law requires companies to rebate Medicare if they increase drug prices above the rate of inflation.