Top 5 Measures Supported by Medicare Beneficiaries to Lower Drug Costs

The issue of rapidly rising drug costs is nothing new, especially among Medicare beneficiaries, since many struggle to pay high out-of-pocket costs.

The US Centers for Medicare and Medicaid Services recently created new payment methods in order to reduce costs. However, critics of this change believe it could potentially decrease access to care.

Other organizations like the Medicare Payment Advisory Committee proposed changes to cost-sharing requirements for Part D beneficiaries.

Although there are critics of the recent changes, the Kaiser Family Foundation recently found that Medicare beneficiaries are in largely in favor of certain practices, and even largely support some practices that are not in effect.

Medicare beneficiaries are in favor of:

1. Cost Transparency

Approximately 86% of Medicare beneficiaries are in favor of requiring drug manufacturers to publicly share information regarding how they set their drug prices.

2. Cost Negotiation

Having the federal government negotiate lower drug prices was supported by 83% of Medicare beneficiaries.

3. Setting a Cost Limit

Creating a cap for the prices of expensive specialty drugs, such as hepatitis and cancer treatments, was favored by 76% of Medicare beneficiaries.

4. Importing Drugs

Approximately 72% of beneficiaries were in favor of being able to import less expensive drugs from other countries, such as Canada.

5. Higher Cost Sharing for More Expensive Drugs

Forty-eight percent of beneficiaries said that lower cost drugs, such as generic medications, should have reduced cost sharing responsibilities.