Name: Capella University
Instructor’s name
November 2023
Identifying a Local Health Care Economic Issue
Economic difficulties affect individuals, healthcare providers, organizations, and communities in today’s healthcare scene. The rising cost of prescription medications is a major healthcare economic issue, especially for the elderly in the US. Essential prescription costs are growing, making it difficult for older persons on fixed incomes. This examination examines the rationale for choosing this crucial healthcare issue, the personal experiences and values that shaped it, and the impact on healthcare practitioners, organizations, colleagues, and communities.
We choose to focus on rising prescription drug prices because it affects healthcare economics, social justice, and access to required medical treatments. These rising expenses harm the elderly, a vulnerable group, causing health problems and financial distress (Mello, 2020). This assessment uses personal experiences and beliefs centered in equitable healthcare access to explain why this critical economic issue has to be addressed and advocate for a more just and accessible healthcare system
Rising Cost of Prescription Drugs
Prescription drug prices are a major healthcare economic issue for the elderly in the US. Essential medicine prices are rising, burdening older persons, especially those on fixed incomes. This economic issue makes it difficult for the elderly to buy chronic disease drugs, resulting in poor health and financial pressure (Rajkumar, 2020).
This issue is worsened by the fact that many older people rely on Medicare for healthcare. Drug coverage shortfalls in Medicare Part D are called the “doughnut hole.” Once beneficiaries hit the first coverage limit, they paid more for prescriptions until catastrophic coverage. Medicare’s lack of comprehensive prescription coverage burdens elderly people with limited money and health difficulties (Rajkumar, 2020).
According to observations in various communities and healthcare settings, some seniors must make difficult choices like skipping medication dosages or not filling prescriptions owing to expense. Financial stress worsens health outcomes, increases hospitalizations, and raises healthcare costs for individuals and the system (Rajkumar, 2020). Therefore, tackling rising prescription drug costs is crucial to improving the well-being and financial stability of the US elderly.
Rationale for Rising Cost of Prescription Drugs
The healthcare economic issue of growing prescription drug prices, particularly its impact on the elderly, was chosen due to personal experiences and a strong commitment to equity and access to healthcare. I have seen many elderly folks who cannot afford chronic disease drugs as a doctor. These personal experiences demonstrate how rising prescription drug expenses affect older individuals’ well-being. Seeing elderly people struggle to follow treatment programs owing to financial restraints has strengthened the idea that inexpensive pharmaceuticals are a fundamental right and must be addressed to ensure their health and financial stability (Mello, 2020).
Additionally, my principles and ethics emphasize the need of campaigning for fair healthcare access. Life-saving medications should not be costly for older folks, especially those on fixed incomes. My advocacy for fairness and community well-being aligns with this justice and social responsibility concern (Mello, 2020). I chose this subject because I want to fight for a healthcare system that prioritizes the health and financial security of the elderly, ensuring they can get the treatments they need without financial hardship.
Impacts on Work and Organization
As a healthcare provider, rising prescription drug costs have affected my employment. My patients, especially those from diverse or low-income groups, are finding it harder to get and buy drugs. Due to growing expenses, many of my senior fixed-income patients must choose between prescriptions. This leads to poor disease management, worsened health, and needless hospitalizations (Morgan et al., 2020). I fight to give my patients the greatest care while making sure they can pay it, which is emotionally draining.
This issue also affects my healthcare facility organizationally. Our company pays for pricey prescription pharmaceuticals, especially for diverse and low-income individuals who need more help. We face reimbursement, resource allocation, and budget constraints that might impact healthcare quality and scope (Darrow & Light, 2021). The wider community is also affected. Access to drugs is difficult for many, especially those from low-income families, worsening health inequities. Rising prescription medicine costs create a health disparity gap, making it crucial to address this issue for the elderly and the community’s health.
Gap Contributing to Rising Cost of Prescription Drugs
Lack of pharmaceutical industry transparency and regulation is the main cause of rising prescription medicine prices. Pharmaceutical businesses can charge high rates without scrutiny or controls due to this gap. In recent years, the cost of several widely used prescription pharmaceuticals has risen without reason or a matching increase in drug effectiveness. The study demonstrates that this pricing disparity has a major impact on patients, particularly elderly persons on limited incomes who must compromise other areas of life to buy their prescriptions (Hlatky, 2020).
Many pharmaceuticals lack affordable alternatives or generic versions, leaving patients, especially the poor, with few options. The lack of generic alternatives for several prescription medications increases patient costs and out-of-pocket expenses (Gupta et al., 2019). Drug prices are rising faster than individuals’ finances, causing health problems and financial hardship. Addressing this regulatory gap is essential to provide fair access to inexpensive pharmaceuticals and prevent financial hardship for patients, especially those in diverse or low-income groups.
Conclusion
Rising prescription drug costs are a major healthcare economic issue for the elderly in the US. This assessment examined why this problem was chosen, based on personal experiences and beliefs of equal healthcare access. This issue has had a major impact on healthcare providers, organizations, colleagues, and communities, especially diverse and low-income groups. Addressing rising prescription drug costs is crucial to helping older individuals and other vulnerable populations get treatment without financial hardship. It calls for a more just and equitable healthcare system that prioritizes community members’ health and well-being regardless of income.
References
Darrow, J. J., & Light, D. W. (2021). Beyond the high prices of prescription drugs: A framework to assess costs, resource allocation, and public funding. Health Affairs, 40(2), 281–288. https://www.healthaffairs.org/doi/10.1377/hlthaff.2020.00328
Gupta, R., Shah, N. D., & Ross, J. S. (2019). Generic drugs in the United States: Policies to address pricing and competition. Clinical Pharmacology & Therapeutics, 105(2), 329–337. https://ascpt.onlinelibrary.wiley.com/doi/10.1002/cpt.1314
Hlatky, M. A. (2020). Willingness to pay for high-cost medications. Circulation, 141(15), 1225–1226. https://www.ahajournals.org/doi/10.1161/CIRCULATIONAHA.120.045966
Mello, M. M. (2020). Barriers to ensuring access to affordable prescription drugs. Annual Review of Pharmacology and Toxicology, 60(1), 275–289. https://www.ahajournals.org/doi/10.1161/CIRCULATIONAHA.120.045966
Morgan, S. G., Bathula, H. S., & Moon, S. (2020). Pricing of pharmaceuticals is becoming a major challenge for health systems. BMJ, 368, l4627. https://www.bmj.com/content/368/bmj.l4627
Rajkumar, S. V. (2020). The high cost of prescription drugs: Causes and solutions. Blood Cancer Journal, 10(6). https://www.nature.com/articles/s41408-020-0338-x
