New Study Finds Consumers are Leaving Money at the Pharmacy

National Consumer Survey Conducted by FamilyWize Reveals Lack of Knowledge and Usage of Prescription Savings Cards Despite Growing Medication Costs

Aug 04, 2015, 08:00 ET from FamilyWize Community Partnership

BETHLEHEM, Pa., Aug. 4, 2015 /PRNewswire-USNewswire/ -- Among 1,000 U.S. consumers, the majority (65.3 percent) currently takes prescription medications, yet only half of consumers surveyed are aware of prescription savings cards, and just over 18 percent have ever used use them, according to findings from a new survey released today by FamilyWize, a community service partnership focused on improving the health and well-being of individuals, families and communities.

The online survey polled 1,000 men and women, ages 21 and older, on their spending, shopping and savings habits for prescription medications.

The survey findings, released today by FamilyWize, found that while more than 70 percent of consumers are interested in cost-saving strategies, including looking for and using coupons, only about half of consumers are aware of options such as prescription savings cards. In 2014, FamilyWize's free Prescription Savings Card helped 2.2 million people save more than $175 million on their prescription costs.

"This survey's findings truly demonstrate that while Americans are looking for ways to save money, there is a lack of awareness of prescription savings options for consumers," said Dan Barnes, founder and chief executive officer of FamilyWize. "Everyone has the ability to shop smarter and save money on their prescription medication."

Key findings of the survey are below. An infographic of survey findings can be found at familywize.org.  

Medication Use is High Among U.S. Consumers
Key findings of the survey are below. An infographic of the survey findings can be found at www.familywize.org/survey

Use of prescription medications in the U.S. is high. Among notable findings:

  • More than 65 percent of respondents take prescription medications
  • More than 28 percent of those surveyed fill 20 or more prescriptions per year
  • More than 50 percent of those surveyed fill 10 or more prescriptions per year
  • More than 59 percent spend more than $150/year on medication
  • More women than men take prescription medications (71 percent vs. 58 percent), but men pay more on average for their prescriptions

U.S. Consumers Like to be Smart Shoppers
While most of the consumers surveyed look for, or use, coupons, that smart shopping did not extend to the pharmacy. Among notable findings:

  • More than 70 percent of respondents look for, or use, coupons to save money
  • Only 50.5 percent of respondents knew about prescription savings cards
  • Only 18.1 percent of respondents had ever used a prescription savings card
  • More women than men use coupons – 78 percent vs. 62 percent

An estimated 80 million Americans are currently uninsured or underinsured, having to pay for the full cost of their medicine out of pocket. For many of these consumers, the cost of their prescription medications is prohibitive.

"High deductibles are leaving millions of consumers without effective coverage," added Barnes.  "This is where FamilyWize is making a difference. With our Drug Price Lookup Tool, consumers can identify the local pharmacy with the lowest FamilyWize price. In 2014, the savings we provided for our card users averaged 42 percent."

Since its inception in 2005 through June 2015, FamilyWize has helped millions of consumers save on the cost of their prescriptions:

  • Nationally, FamilyWize has helped more than 8.4 million people save $873 million on their prescription medications
  • More than 44.3 million prescriptions have been filled at pharmacies nationwide using the FamilyWize Prescription Savings Card

About the FamilyWize Prescription Savings Card
The FamilyWize Prescription Savings Card, which is accepted at more than 60,000 pharmacies nationwide, covers all FDA approved prescription medications.  The card is free to all consumers – both insured and uninsured – and provides an average savings of 42 percent on medication costs. The FamilyWize Prescription Savings Card functions like a reusable prescription discount coupon, does not require any personal information from the user and has no eligibility criteria. To take advantage of the savings that FamilyWize offers, consumers can print a card from FamilyWize.org, can call 1-800-222-2818 and request a card to be sent to them, or can download the free FamilyWize app.  

FamilyWize also provides a Drug Price Lookup Tool, an online resource to compare prescription medication prices and find local pharmacies with the lowest FamilyWize price.  Consumers can access the easy-to-use tool on FamilyWize.org or through the FamilyWize app.

About The FamilyWize Community Partnership
FamilyWize is a community service partnership focused on improving the health and well-being of individuals, families and communities. Through our partnerships with United Way and more than 100,000 community organizations, government agencies, pharmacies, health systems and businesses, we are making prescription medications more affordable and more accessible.

Media Contact:
Kathleen Fusco
Zer0 to 5ive for FamilyWize
(215) 939-5709
Kathleen@0to5.com

Photo - http://photos.prnewswire.com/prnh/20150803/254340-INFO

 

SOURCE FamilyWize Community Partnership