Effect of Increasing Price of Prescription Drugs on the Elderly Population Essay

Effect of Increasing Price of Prescription Drugs on the Elderly Population Essay

 

Health Care Economic Issue

One of the significant healthcare economic issues in the United States is the rising cost of prescription drugs. This issue affects both individuals and communities, as the cost of medication can be a significant financial burden. A study by the Kaiser Family Foundation found that in 2021, the average cost of prescription drugs per person was $1,200 (Lopes & Stokes, 2021). This is a significant increase from the previous years, and the trend is expected to continue.

One community heavily impacted by the rising cost of prescription drugs is the elderly population. As people age, they are more likely to develop chronic illnesses that require ongoing medication, such as diabetes or heart disease. According to the National Council on Aging, the average Medicare beneficiary takes 4 to 5 prescription drugs per month, and those with multiple chronic conditions may take even more. For many seniors living on a fixed income, the cost of prescription drugs can be unaffordable, leading them to skip doses or not fill their prescriptions at all.

Rationale for Choosing the Healthcare Economic Issue

The rationale for choosing the healthcare economic issue of rising prescription drug costs is based on the significant impact it has on both individuals and communities. Prescription drugs are an essential component of healthcare for many individuals, particularly those with chronic illnesses or conditions that require ongoing medication. This issue has significant health consequences for the elderly population, as it can lead to worsening health outcomes and increased hospitalizations. It also has broader economic implications, as the cost of treating preventable health conditions is ultimately borne by taxpayers and the healthcare system as a whole (Ghosh et al.,2019). Addressing the rising cost of prescription drugs will require a multifaceted approach, including policy solutions that promote price transparency and competition and increased investment in preventative care and disease management programs. Addressing this issue requires a multifaceted approach and is crucial for improving individuals’ and communities’ overall health and well-being.

Effect of Health Care Economic Issue

The rising cost of prescription drugs has affected nurses, hospitals, colleagues, and the community. Nurses are responsible for ensuring patients receive appropriate medications and dosages, but the cost of prescriptions can lead to concerns about patient affordability and adherence. Additionally, hospitals may have difficulty budgeting for expensive drugs, affecting the availability of resources for patient care (U.S. Government Accountability Office,2019). Colleagues in the healthcare field may also experience challenges in providing necessary medications to patients. In the community, the rising cost of prescriptions can lead to financial burdens for individuals and families, impacting access to essential care and medication adherence.

Gap Identified

One of the critical gaps contributing to the need to address the economic issue of rising prescription drug costs is the lack of price transparency in the pharmaceutical industry. Patients and healthcare providers often have little insight into the actual cost of medications, as prices are negotiated between manufacturers, insurers, and pharmacy benefit managers. This lack of transparency can result in high drug prices, which may not reflect the actual cost of production or value to patients (Lopes & Stokes, 2021). Additionally, the lack of competition in certain drug markets allows manufacturers to set high prices, contributing to the overall rise in prescription drug costs. Addressing these gaps is crucial for promoting price transparency, competition, and access to affordable medications.

Conclusion

The rising cost of prescription drugs is a significant healthcare economic issue that affects individuals and communities in the United States. This issue particularly impacts the elderly population, as many rely on multiple medications for chronic conditions but struggle with affordability (Ghosh et al.,2019). The cost of prescription drugs has significant health consequences and economic implications, leading to negative health outcomes and an economic burden on the healthcare system. One of the key gaps contributing to the need to address this issue is the lack of price transparency in the pharmaceutical industry, which can result in high drug prices and limited competition. Addressing this issue requires a multifaceted approach and is crucial for improving overall health and well-being.

ORDER A PLAGIARISM-FREE PAPER HERE

References

Ghosh, A., Simon, K., & Sommers, B. D. (2019). The effect of health insurance on prescription drug use among low-income adults: evidence from recent Medicaid expansions. Journal of Health Economics, 63, 64–80. https://doi.org/10.1016/j.jhealeco.2018.11.002

Lopes, L., & Stokes, M. (2021, June 15). Public Opinion on Prescription Drugs and Their Prices. KFF. https://www.kff.org/health-costs/poll-finding/public-opinion-on-prescription-drugs-and-their-prices/

U.S. Government Accountability Office. (2019). Prescription drugs: Trends in average sales prices and manufacturer prices for brand-name and generic drugs from 2013 through 2018. https://www.gao.gov/products/gao-20-194

For this assessment, you will write a brief 2–3 page report about the health care economic issue that you have identified. In addition, you will also be asked to:

Address the reasons you selected the issue.

Identify how the issue impacts the work of you, your colleagues, and your organization.

Describe the gap that you see contributing to this issue.

Be sure to address each main point. Review the assessment instructions and scoring guide, including performance-level descriptions for each criterion, to ensure you understand the work you will be asked to complete and how it will be assessed. In addition, note the requirements for document format and length and for supporting evidence.

Overall, you will be assessed on the following criteria:

Describe a health care economic issue and how it impacts a specific community or population.

Note the data, information, or observations used to support your description.

Explain the rationale for choosing your health care economic issue.

Explain how the health care economic issue has affected your work, your organization, your colleagues, and your community.

Identify the gap that is contributing to the need to address the economic issue.
Cite at least one piece of evidence to support your identification of the gap. This could be public health data, a peer-reviewed journal article, or another scholarly source.

Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards.

Additional Requirements

Length of Submission: 2–3 double-spaced pages.

Number of References: Cite at least one piece of evidence to support your identification of the gap. This could be public health data, a peer-reviewed journal article, or another scholarly source.

APA formatting: Titles, headings, resources, and citations are formatted according to the APA style.

Note: As you revise your writing, check out the resources listed on the Writing Center’s Writing Support page.