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 adequ...