From shocking sticker prices to financial difficulty, 2022 has seen a concerning number of adults struggling with the cost of their prescriptions. An estimated 7% have not been able to make ends meet in the last three months despite insurance coverage and support programs like Medicare Part D. Pharmaceuticals now come at an increasingly higher price point - leaving individuals and families alike feeling overwhelmed by costs they didn't anticipate or plan for during checkout. But did you know there is a federal prescription drug program that can help lower your medication costs?
The 340b Drug Program, also known as the “340B Program”, is a federal program that helps to make prescription drugs more affordable for certain eligible entities. It was created by Congress in 1992 and has since been used by hospitals, clinics, pharmacies and other organizations to access discounted drug prices from manufacturers. In this blog post, we will look at what benefits the 340b Drug Program offers to its participants and how it can help lower healthcare costs.
The federal 340B Drug Pricing Program allows qualifying hospitals and clinics that treat low-income and uninsured patients to buy outpatient prescription drugs at a discount of 25-50%.
“I was able to take my insulin cost from $450 a month to now $70 a month with the help of 340B and Northeast Missouri Health Council."
Discounted Prices on Prescription Drugs
The 340b Drug Program allows participating organizations to access discounted prices on prescription drugs from pharmaceutical manufacturers. This means that these organizations can purchase medications at a fraction of their original cost. This can be beneficial for both the organization and its patients because it makes medications more affordable and accessible.
More Affordable Medications for Patients
The 340b Drug Program helps to make medications more affordable for patients who may not be able to afford them otherwise. By offering discounted prices on prescription drugs, participating organizations are able to help reduce out-of-pocket costs for their patients so they can receive the medications they need without breaking the bank. This is especially helpful for those living with chronic or long-term illnesses who may need multiple medications over an extended period of time.
"The 340B program is an invaluable tool for safety-net clinics, especially those that are in rural and undeserved communities. It provides life-saving services without burdening taxpayers and empowers vulnerable populations to access much needed healthcare." - Andy Grimm, CEO, Northeast Missouri Health Council.
Additional Funding for Healthcare Organizations
By taking advantage of discounted drug prices through the 340b program, healthcare organizations are able to save money on medication purchases which can then be used towards other areas of their operations such as purchasing new equipment or providing additional services or resources to their patients. This extra funding can help healthcare organizations keep up with changing technology and provide better care for their patients.
The 340b Drug Program provides numerous benefits for both healthcare organizations and their patients by making prescription drugs more affordable and accessible. By taking advantage of discounted drug prices, healthcare organizations are able to save money which can then be used towards other areas of their operations while also helping to reduce out-of-pocket costs for their patients so they can receive the medications they need without breaking the bank.
As a patient of Northeast Missouri Health Council, you automatically qualify for the 340B drug program. All you have to do is ask your provider to use the 340B prescription form and send your prescription to a qualifying pharmacy.
Watch this short video to learn more about the program.
Still have more questions? Take a look at our FAQs about the 340B Drug Program here!
Northeast Missouri Health Council, Partners for a lifetime of health
Medical, Dental, and Behavioral Clinics in Kirksville, Missouri, Macon, Missouri, Milan, Missouri, and Kahoka, Missouri. Visit our website to find the nearest clinic to you. www.nemohealthcouncil.com