A veritable pharmacy full of new drugs their makers say should help older Americans live longer and better are in development.
More than 2,000 new medications are being tested in clinical trials or awaiting approval from the Food and Drug Administration, according to a new report by the Pharmaceutical Research and Manufacturers of America. These medications are designed to help an aging senior population --- whose life expectancy has reached 78 years --- live independently despite a growing number of medical issues.
These new medicines include 750 for cancer, 277 for heart disease and stroke and 1,026 for diseases such as diabetes, Alzheimer's and osteoporosis. Diabetes affects 12.2 million Americans age 60 and older, and Alzheimer's disease could affect 16 million people by 2050, according to PhRMA. Other chronic conditions include depression, Parkinson's disease, prostate disease, bladder and kidney diseases.
But while they await these new medications, some seniors, especially those on fixed incomes, are finding the economic downturn, soaring energy costs and rising drug costs have made treating their health conditions more challenging than ever. While many search for ways to better manage their medication costs, experts warn them against mismanaging their health.
"If you need medication, you just need it," said Larry Woodruff, a pharmacist at Briarcliff Pharmacy who advises patients not to cut out or cut back their medication to control costs. Woodruff said more of his customers are taking advantage of generics and buying in bulk (a 3-month supply instead of one) as ways to reduce expenses.
His advice: Talk to your doctor about alternative medications and treatments, and buy generics, when available. Shop around for the best costs and compare plans.
If you are enrolled in Medicare, you are eligible for prescription drug coverage regardless of your income, health status or current prescription expenses. Sixty-five percent of Americans age 65 and older are enrolled in the Medicare Part D program, according to IMS Health.
Take a look at your health plan and see what it offers, said Lindsay Shearer, spokesperson with CIGNA Healthcare. Talk to a benefits manager to make sure you understand the coverage and flexible spending accounts which can be used even for vitamins, she said.
To save money, some people try to reduce the number of pills they take. For instance, if someone takes two 5 mg pills a day, they might consider taking one 10 mg pill. Or they may split the dosage in half. These options work with some medicines, but can be very dangerous with others.
Be diligent about your personal finances, but do not play doctor with your health, warned Woodruff. Check with your doctor or pharmacist before splitting, skipping or altering your medication dosage.
"If it says take it daily, then do it," Woodruff said.
And hard economic times make an old adage ring true: An ounce of prevention is worth a pound of cure.
"Being sick costs money, so you want to stay as healthy as you can," said Shearer.
MINIMIZING MEDICINE COSTS
Here are some tips to help seniors trim their drug costs:
>List your medications. Make a list of all of those you take and discuss it with your doctor; some may no longer be necessary.
>Compare plans. Compare prescription drug plans and choose one that covers most of your medications. Medicare Prescription Drug Plans are offered by many private health insurers and are approved by Medicare (visit www.medicare.gov for more information).
>Try alternatives. Ask your doctor if there is an equivalent drug or remedy that is less expensive.
>Go generic. Ask your doctor about less expensive generics with the same active ingredients. Most people can save about $250 a year by not taking a brand-name drug.
>Shop around. Compare prices on a prescription-by-prescription basis. Ask your pharmacist to match the price of a competitor's prescription. Membership warehouses offer discount prescription services to non-members, and big-box retailers such as Wal-Mart offer flat fee costs for some medications. Check grocers for additional discounts on common antibiotics and other medications.
>Buy in bulk. Some plans will provide three-month supplies of medications if your doctor writes a 90-day prescription.
>Shop from home. Many home-delivery plans offer a 90-day prescription plan, and you can order by mail, online or by phone.
>Use coupons. Pharmaceutical companies offer discount coupons on certain prescription medications. Check magazines, mail and your doctor's office. Health plans also offer coupons to try generics or over-the-counter (OTC) medications.
>Ask about patient financial assistance programs. Your doctor may be able to help you access the services of a state or community agency or refer you to a pharmaceutical patient assistance program. Or call the Partnership for Prescription Assistance, 1-888-477-2669 (online at www.pparx.org).
Source: CIGNA Senior and Retiree Services
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Copyright 2008 The Atlanta Journal-Constitution