The skyrocketing costs of prescription drugs have become a pressing concern for millions. That change shows up directly in what you owe each month.

Between January 2022 and January 2023, the U.S. Department of Health and Human Services (HHS) reported that more than 4,200 drug products saw list-price increases averaging 15.2 percent. Small differences in where and how you fill can add up over a year.

These numbers paint a grim picture, but don’t lose hope. Despite the rising tide of prescription costs, there are numerous strategies to keep your healthcare affordable. It’s a common misconception that drug price increases are inevitably tied to improvements in drug quality or that consumers are powerless against these hikes. The reality is that price increases are often profit-driven decisions that, more often than not, don’t have anything to do with drug quality.

The good news? There are multiple effective ways to lower your drug costs without sacrificing the quality of your medication.

8 Ways to Save Money on Prescription Medications

Drug prices can rise for reasons unrelated to clinical quality. A lower-cost option is often the clinical equal of a pricier one. These eight strategies can lower what you pay, whether you are starting a new prescription or refilling one you take every month.

1. Generic Drugs: They have the same active ingredients, dosage, strength, and way they’re administered, and the FTC reports they typically cost 80 to 85 percent less.

2. Biosimilars: Biosimilars are highly similar to their reference or brand-name biological medications in terms of safety and effectiveness. Unlike traditional generic drugs, they may have slight variations in their molecular structure due to the complexity of biological products. Despite these minor differences, biosimilars undergo rigorous testing to ensure they provide the same clinical benefits as their reference products, offering patients a safe and equally effective treatment option, typically at a lower cost than brand-name biologics.

3. Your Formulary: Getting familiar with your plan’s formulary will give you insights into drug tiers and whether a medication has other management criteria, such as prior authorization. Understanding what medications may or may not be covered and what lower-cost alternatives are covered can help reduce costs.

4. Discount Cards: Many patients have started turning to discount cards to lower prices. SmithRx makes this process even easier by removing the need to pre-shop for the best price or print coupons. Instead, you’ll automatically get the best deals at the point of sale.

5. Manufacturer Coupons: These are incentives offered by drug manufacturers to reduce the costs of brand-name medications. With SmithRx, you can simply call us and we’ll see if your medication is eligible for a coupon. We’ll work with the pharmacy to ensure it is processed correctly and that you get a low or $0 copay, saving you the trouble of making sure the coupons are applied on your end.

6. Supply: If you need to take medication over a longer period, you can request a larger supply or greater quantity from your doctor or provider. Be sure to check with your doctor and insurance provider to ensure you can order a greater supply of medication.

7. Mail Order: A mail-order pharmacy may lower your copay and supply larger quantities, which works best for maintenance medications on a regular schedule.

8. Compare Pharmacies. Prices for the same drug can vary widely by pharmacy, so it is worth comparing prices, with tools like SmithRx's Find My Meds, before you fill.

Where You Fill Your Prescription Changes the Price

The same medication can carry different prices at different pharmacies. Retail chains, independent pharmacies, and mail-order services each set their own cash prices. The pharmacy you choose affects your total cost.

Compare the price at more than one pharmacy before you fill a new prescription. Once you find a lower price, you can usually move future refills to that pharmacy. Your provider, or a SmithRx representative, can help handle the transfer for you.

How SmithRx Simplifies the Way Our Members Save Money

At SmithRx, we’re all about saving you money on your medications. We connect you to savings programs that can lower your drug costs. You can also learn how a modern PBM works to reduce prescription drug costs.

Radical transparency guides how we work. We show every cost so you can see what you pay at the point of care. That clarity helps you choose the lowest-cost option available to you. Our Member Portal includes Find My Meds, a tool you can use to review prescription cost estimates based on your benefits. These tools let you see and act on your options in one place. Log in to the SmithRx Member Portal to review your medication price options.

Frequently Asked Questions

What should I do if I can't afford my medication?

Ask your provider about lower-cost alternatives. Your PBM's support staff can also let you know whether a manufacturer coupon applies or if a larger supply per-fill would cost less over time.

How much cheaper are generics than brand-name drugs?

According to the FTC, generic drugs typically cost 80 to 85 percent less than their brand-name versions. They contain the same active ingredients and must work the same way in the body. Ask your provider whether a generic exists for your prescription.

Can switching to a 90-day supply lower my costs?

Often yes. A 90-day supply can mean fewer copays over time and a lower per-dose cost. Confirm with your provider and plan that the larger supply is covered before you switch.