Americans find it very difficult to pay for drugs despite bipartisan efforts to reduce the prices of prescription drugs.
According to a March 2019 survey by the Kaiser Family Foundation, nearly 1 in 4 Americans say it is difficult to pay for medications. This happens when pharmacies set a record $ 465 billion in prescriptions.
Lawmakers on both sides support the drop in drug prices, but have not been too successful in regulating the industry. In September 2019, U.S. Representative Frank Pallone, DN.J., introduced the Elijah E. Cummings Act on lower drug costs now. The House passed the bill in December 2019, but died in the Senate.
Former President Donald Trump also made an offer in the fall of 2020 to try to cut drug costs, but the effort suffered setbacks in justice.
As attempts at regulation have failed, companies like GoodRx have tried to fill in the gaps in the complicated pricing system. However, experts say non-systemic solutions are a help for a bigger problem.
Watch the video above for more information on how pharmacies set prices, why lawmakers are struggling to regulate the industry, and what customers can do to save money.