Elderly on Long Island Face Exorbitant Prescription Drug Prices

Strategic Insights -

Long Island's elderly population is facing an alarming trend of exorbitant prescription drug prices, with many seniors forced to choose between paying for their medications and purchasing food. A study conducted by the House of Representatives Committee on Government Reform found that consumers who pay for their own prescription drugs pay more than twice as much as H.M.O.s and large insurance companies. The five brand-name prescription drugs most commonly used by the elderly were monitored in the study: Zocor, Prilosec, Procardia XL, Norvasc, and Zoloft.

Key Takeaways:

  • The study found that consumers who pay for their own prescription drugs pay 2.5 times more than H.M.O.s and large insurance companies.
  • 98% of Representative Carolyn McCarthy's over-65 constituents are on Medicare, which previously provided benefits that included prescription drugs and small co-payments.
  • Many elderly Long Islanders have had their managed-care plans withdraw their Medicare programs, leaving them without insurance and forced to pay for their prescription drugs out of pocket.
  • Other companies have annual caps of $500 to $1,000 for prescriptions, which many elderly use up within several months.
  • Pharmacists like John Scanlon from Syosset CVS and Joel Sheriff from Mineola's Franwin Pharmacy are offering prescriptions at their cost to customers 65 and over who lost their drug coverage.
  • Representative Michael Forbes requested a similar study in District One, and Representative McCarthy has endorsed the Prescription Drug Fairness for Seniors Act of 1999.

Statistics:

  • 1 in 3 seniors on Long Island have no insurance coverage for prescription drugs.
  • The five brand-name prescription drugs most commonly used by the elderly were monitored in the study: Zocor, Prilosec, Procardia XL, Norvasc, and Zoloft.
  • The prices of each of these medications are listed in the table below based on a survey of drug prices in New York's 4th Congressional District:

| Drug Name | Retail Price | Wholesale Price |

| --- | --- | --- |

| Zocor | $102.50 | $63.85 |

| Prilosec | $54.50 | $31.25 |

| Procardia XL | $152.50 | $95.50 |

| Norvasc | $86.50 | $55.10 |

| Zoloft | $195.50 | $123.15 |

Sources:

  • Committee on Government Reform, U.S. House of Representatives
  • Representative Carolyn McCarthy's office
  • Staff director Philip Schiliro
  • Owner Thomas D'Angelo, Franklin Square Pharmacy
  • Spokesman Greg Reaves, Merck
  • Supervising pharmacist Joel Sheriff, Franwin Pharmacy
  • Representative Michael Forbes
  • Representative Carolyn McCarthy
  • Pharmaceutical Research and Manufacturers of America (PRMA)