Pharmaceutical Costs In the Elderly: Access to Healthcare

Pharmaceutical Costs In the Elderly: Access to Healthcare
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Pharmaceutical Costs In the Elderly: Access to Healthcare
Definition and Elements of the Problem
Pharmaceutical costs in the elderly involve a situation where older people have to pay high prices for prescription drugs. In many countries, older adults face unique health problems, meaning most will consume one or more prescription drugs. Studies indicate that older adults with several chronic illnesses spend thousands of dollars annually on prescription drugs out of their pockets. The range could be from $1999 to over $3700, as established by (Zhou et al., 2022). The figure will continue to change due to the demographic dynamics in the United States and other developed countries. According to Fulmer et al. (2021), there will be more people over 65 years than those younger by 2030. With the number of older adults increasingly becoming bigger than younger demographics, the healthcare system will face a scenario where prescription drugs are increasingly becoming unaffordable for this population.
The key elements of the high costs of pharmaceuticals include insurance coverage. Even though most older adults have insurance, they still have to pay for some drugs out of their pocket. The second element is the pricing policies of pharmaceuticals. It can be argued that older adults could depend on families and relatives for financial aid related to healthcare. Therefore, high costs lead to unaffordability and a financial strain on those they depend on. Lastly, the health and well-being of the elderly is a matter of public health since older people form a large portion of the overall population. Therefore, addressing pharmaceutical costs for the elderly is equivalent to resolving a major public health problem.
Analysis of the Problem
The context of the problem is characterized by a growing number of older people experiencing difficulties accessing pharmaceuticals. Older individuals often face complex health issues, which include chronic diseases. This problem is caused by the failure of most patients to adhere to medications. This failure is associated with multiple barriers, including the high costs of prescription drugs. Recent studies show that for several decades, the prices of prescription drugs have been rising faster than the rate of inflation. Medicare has not offered a solution to the problem. This is especially so for beneficiaries who need four to five drugs at a time to address chronic conditions. Government legislation has not been effective in arresting the situation. Different factors go into pricing prescription drugs in a healthcare system often operating in a free market. However, commercial interests often seem to take precedence over the well-being of the country’s population. Policies regulating the pricing practices for prescription drugs are either inadequate or have failed to produce the desired effects.
Before exploring the stakeholders in this problem, it is important to acknowledge that health insurance in the United States remains controversial due to its failure to meet the desired coverage levels. The deficiencies in Medicare are the main cause of the problem since adequate coverage for older people would prevent them from spending out-of-pocket to cover the gaps. The key findings in a survey by Jacobson et al. (2021) established that a fifth of the older Americans spent an estimated $2000 out of pocket annually on prescription drugs. As a result, most preferred to forego the drugs. Therefore, the high prices become a gateway to the country's bigger health problems.
The question of why the problem or issue is important can be addressed by examining how high prices affect the population. As mentioned earlier, the United States and other developed countries are experiencing a situation where the elderly population will be significantly higher. According to Fulmer et al. (2021), the current population stood at 52.4 million in 2018, representing 15% of the US population. By 2030, the percentage is expected to reach 20%. A rise in the aging population means the number of elderly patients increases. The statistics on elderly patients who cannot afford prescription drugs will change, and the situation might evolve into a crisis as the number of older people increase. Having an aging population is already perceived to be a challenge by most governments. As such, having a sick, aging population that cannot afford prescription drugs becomes a health crisis.
The people most affected are the elderly, especially those with health conditions requiring them to use more than one prescription drug. Over 50 million people are classified as elderly, which means that millions of Americans are affected by pharmaceutical costs. The Medicare expenditure on this population is also high, which means that the taxpayer suffers significantly through the provision of health insurance to this population. In many cases, older people tend to have families and relatives to care for them. Their health and the resulting financial problems can be transferred to the people they depend on. Therefore, all families across the country taking care of sick, older adults will feel the costs of pharmaceuticals. Those living alone will have an even more difficult time with the prescription prices.
Solutions
Many public health problems can be resolved through policy frameworks designed to regulate the development and commercialization of healthcare products. In the United States, insurance coverage remains a controversial subject due to several factors. These include the high costs of healthcare and the barriers to accessing coverage. Therefore, the first possible solution is to legislate insurance coverage for prescription drugs, specifically for the older population. As Kirzinger et al. (2019) explain, individuals with coverage for prescription drugs under Medicare Part D are often advised to compare plans to find coverage that meets their specific needs. In other words, older adults already have experience with pharmaceutical coverage, only that it does not fully meet their needs. As a result, it can be argued that improving coverage for all prescription drugs for older adults can significantly lower the price.
Several models have been proposed in the literature, while others are being implemented in other countries. These should provide case studies of how pharmaceuticals can help lower prices to make prescription drugs accessible to older ...