We know that we pay some of the world's highest prices for medications. But why should the price we pay for the same medication be dramatically higher at one pharmacy than another?
In a perfect market, it wouldn't be. But U.S. PIRG Education Fund’s nationwide survey, released March 5 and covered by CBS This Morning, found prices of critical medications varying by hundreds—sometimes thousands—of dollars from store to store.
"These real price variations we're seeing have huge health consequences for Americans," PIRG Consumer Watchdog Adam Garber told CBS This Morning. "These prices are often how they determine how much insurers are going to pay for the drugs… it sort of sets the whole pricing scheme up."
Nearly 1 in 4 Americans struggle to afford prescription medications. Plus, the same drug works no better whether it's priced high or low. Illinois PIRG and our national network are calling for greater pricing transparency, among other steps, including more prices posted online.
Find the report here.
Photo Caption: PIRG Consumer Watchdog Adam Garber speaks with CBS This Morning about a U.S. PIRG Education Fund investigation that uncovered dramatic differences in price for the same commonly prescribed medicines. Photo Credit: CBS This Morning