Consumer Behavior Impacted by High Drugs, Says New Report

News provided by

May 21, 2024, 10:13 ET

RazorMetrics releases annual State of Drug Access report

AUSTIN, Texas, May 21, 2024 /PRNewswire/ -- RazorMetrics, a healthcare technology company focused on lowering drug costs for health plans and self-funded employers, released their annual State of Drug Access report. The report is based on the findings of a consumer survey conducted through Pollfish, using a random sampling method of 1000 adults (18 years and older). The participants were asked questions about prescription costs, actions taken when faced with high prices, and attitudes towards generic drugs, AI, providers, and healthcare coverage decisions. The survey encompassed a broad range of demographics, ensuring a comprehensive understanding of the impacts across different sections of the population.

"Understanding the tactics consumers use to lower their drug costs is key to creating solutions that work to help them improve access to affordable medication," said Tom Dorsett, CEO of RazorMetrics.

Findings include:

Sticker shock hits most people at the $100 to $250 threshold.
When faced with high prescription costs, most people turn to their physician for help.
More than 16% of respondents reported abandoning a prescription due to cost, highlighting the danger of high drug prices on patients.
Prescription delivery is becoming more popular, especially when the cost is equal or lower, indicating convenience is a rising factor.
Polypharmacy is a struggle, consumers citing complicated regimens and side effects as major hurdles.
AI is an unpopular alternative to a physician.
Consumers showed a strong preference for healthcare providers who prescribe low-cost drugs and health plans that offer drug savings.

For the full report visit here.

About RazorMetrics
RazorMetrics is a healthcare technology company whose SaaS-based platform uses AI to lower drug spend for health plans, self-insured employers, and organizations. RazorMetrics' unique, physician-driven approach process is simple and requires no extra clicks in the EHR and no external programs or apps to access. Switches are straightforward and easy to make, and the entire process stays within the normal clinical workflow. The platform is complementary to existing pharmacy initiatives and works with PBMs and other drug cost savings solutions to optimize results. RazorMetrics is fully scalable and customizable to each client's unique variables and formularies. For more information, visit www.razormetrics.com.

Media Contact:
Casey DeMoss, RazorMetrics
[email protected]
504-982-0468

SOURCE RazorMetrics