A global survey has found that people have been largely going for drug discount card in order to save money on the prescribed drugs. The rising prices of the drugs have contributed to increasing the awareness and hence the demand for drug discount card. With the use of drug discount card, it becomes possible for people to reduce their monthly expenses on drugs. Moreover, the drug sellers also use the drug discount card for their benefit because it helps them to increase their sales and build stronger brand loyalty.
And over the last few years, RX24 drugs has been offering drug coupons to help people cut their drug prices. This entity has not only just been able to make its name in the US but it has also managed to spread the word about its coupon to many other popular nations. According to the survey, about 90% of adults older than 65 believe in taking prescription medicine. 75% of people between 50-64 years go for prescribed drugs. And when it comes to people of age group, 18-29, the percentage of people taking prescribed drugs is 38%. In comparison to the younger people, the number of adults taking prescribed drugs is more. In the US, the demand for drug discount card is increasing among adults for these drug coupons are approved by health organisations such as FDA, HealthCare.gov, and Centers for disease control and prevention (CDC).
About 70% of adults ask for the safety and potential side effects of a new drug on getting prescription from their doctor. Out of the total number of people taking medications, 40% adults ask for a less expensive alternative. The growing demand for drug discount cards is prevalent among the uninsured people who find it difficult to pay for the prescribed drugs due to budget constraints. People of the US and other countries have been supporting drug discount cards as these drug coupon cards help to remove the extra burden of drug prices to some extent. A discount of about 10-20% helps to reduce the drug costs from the shoulders of adult people which is simply making the concept of drug discount cards popular in various corners of the world.
As per the survey details, Americans spend an average of near $900 per year on prescriptions, which is more than other industrialised nations of the world. The reason of the high prices of drugs is simply due to the fact that companies don’t set any limit on the prices of drugs. On inventing a drug, a pharma company gains rights to sell that drug at the price a patient is willing to pay. And there is no facility for bargain on these fixed prices of drugs and hence this is where drug discount programs come handy. These programs only negotiate with the drug stores and skip the companies who make the drugs.
The drug stores accept the offer to sell the drugs at a lower price because they get more business for their stores. All the uninsured people flock to these drug stores in order to buy drugs for them. And it eventually contributes to increasing the brand loyalty of drug stores on a large scale.
The Role of Technology in Driving Affordable Healthcare
Brillio CTO Chander Damodaran Shares Some Promising Trends in Healthcare Market Dynamics
If any event could cause a massive upheaval within the healthcare industry, it would be a global pandemic. COVID-19 forced institutions and practitioners to reevaluate their methods and internal systems from top to bottom. Technology, telecommunications, and consumer industries pivoted their attention towards the healthcare industry looking to address new challenges and disruptions caused and revealed by the pandemic. Telehealth, in particular, saw a massive increase in interest and funding from these sectors as the global pandemic accelerated the need for digital solutions.
At digital tech companies like Brillio, team members search for solutions to the challenges faced by patients and practitioners alike. Their team is focused on developing forward-thinking, real-world tech to meet the growing public demand for better, more efficient healthcare. According to Brillio’s data, the global healthcare IT market is projected to grow 29.3% within the next 8 years reaching a value of $135.6 billion. The telehealth revenue share in the global healthcare IT alone is anticipated to grow at a rate of 41%, the fastest growth rate ever recorded.
According to the CTO of Brillio Chander Damodaran, the market is becoming vastly more patient-centric. For digital tech companies, the time is opportune to develop technology solutions that can benefit the average patient. Most of us are pretty comfortable with wearable technology- think Apple Watch or Fitbit for example- but there is massive potential to digitize all of the different systems including wearables to create a truly connected digital experience. Tech that monitors and shares health parameters is nothing new, and it could be just the beginning. Telehealth is poised to bring patients and providers closer than ever before, if not physically, then certainly virtually. Damodaran predicts a swift increase in the utilization of telehealth services of 38% post-pandemic as health systems weave digital solutions into their institutional systems.
In his opinion, there is a massive demand for telehealth solutions that benefit consumers by making pricing and procedural information more transparent. One way this is manifesting is through the emergence of mandates from the Centers for Medicare & Medicaid Services (CMS) and the Office of National Statistics. These mandates, including the CMS Interoperability and Patient Access Final Rule published in May 2020 and the CMS Price Transparency Final Rule published in July 2022, would allow patients to make an informed decision on their providers and services thus offering greater control over their healthcare plans and spending.
Damodaran is optimistic about where the industry is headed in relation to digital tech. From venture capital to private investment, investment in telehealth is booming. Increased interest in tech solutions for the healthcare industry is driving up investment rates, allowing for more development. This could result in better immersive and wearable technologies, the acceleration of solutions like digital twins, and the development of new tech solutions.
While many are still trying to understand the extent of their healthcare costs, increased accessibility and transparency remain at the forefront of the conversation. All these trends are not only exciting developments for the tech world and interesting opportunities for investors, but they are also potentially life-changing developments for each one of us leading to affordable healthcare and access to globally renowned experts and practitioners.
For more information about the role of technology in healthcare, visit www.brillio.com.
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