Understanding the Cost of Your Prescription
Healthcare cost is continuously rising In Canada. It is seen that a typical Canadian family pays $12,000 for healthcare, and the price is 50% more than the last decade. According to a Fraser Institute study, a family consisting of two parents and two kids pays up to $11,786.
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What is a Dispensing Fee?
A dispensing fee is the fee that a pharmacy charges to fill a prescription medication. It is the price that pharmacists charge for their time and is included in the final medicine cost. If a pharmacy charges a $10 dispensing fee and you have five prescriptions to fill, the pharmacy will charge you a $50 dispensing fee. The average dispensing fee is about $12.15. This fee covers a number of services, including the following:
- Consultation for your treatment
- Maintaining and checking your medication records
- Working with your doctor to manage changes or renewals
- Stocking medication
- General operating costs
- Dispensing your medication
What else Contributes to the Total Cost of a Prescription?
The total cost of medication that you pay to any pharmacy includes the cost of drug ingredients, pharmacy mark-up and a dispensing fee.
Total Price of Medication = [Cost of Drug Ingredients] + [Pharmacy Mark-up] + [Dispensing Fee]
The “Cost of drug ingredients” is the price that a pharmacy pays to buy the medication from a wholesaler. The “pharmacy mark-up” is the additional amount that a pharmacy charges, and is similar to what a retail store would charge.
Prices for Prescriptions
The average Canadian spends over $1,000 per year on prescription. 20-25% of this cost goes towards a pharmacy dispensing fees and markups.
Actual Drug Cost
The actual drug cost depends on various factors, such as research and development expense, marketing expense, and stakeholders. However, Canada has a federal Patented Medicine Prices Review Board (PMPRB), which does not involve in the pricing of drugs, but it reviews to determine if the prices are not excessive.
Factors Affecting Price of Prescription
Some factors that affect the rate are:
- Dispensing fee
- The cost of drug
- Standard charges for stocking, inventory, and other services
How does PocketPills help Save on Medication Costs?
The cost of drug ingredients is set by each province. Costs vary from one pharmacy to another due to the difference in mark-ups and dispensing fees charged.
Here at PocketPills, we are able to charge low dispensing fee and pharmacy markup because of our use of automation technology to fill prescriptions. Being an online pharmacy, we are also able to avoid the high costs associated with maintaining a traditional “Brick and Mortar” storefront. We have a single warehouse that ships prescriptions across multiple provinces, which helps us save on operational costs. This also helps keep labour costs low, which in turn enables us to pass these savings on to you, our customers, and make prescription medication more affordable and accessible.
- Low $7 dispensing fee
- Low mark-up
Extra Benefits, at no Extra Cost
Pharmacy just got easier! Experience the easiest way to manage your medication by switching to PocketPills. Get the following benefits, free of cost:
- Free medication delivery: Why go to the pharmacy when the pharmacy can come to you? Fill your prescription online and get medications delivered to your doorstep, at no extra cost.
- Medications sorted by date & time: We understand that managing multiple medications can get difficult and blister packs are not easy to use. We sort your pills by date and time in easy-to-open PocketPacks. This makes it easy for you to manage multiple medications, and you’ll never miss a dose again! As the name suggests, PocketPacks are easy to carry when you travel.
- Auto-refills: We can auto-refill your medications when they are due, so you don’t have to worry about running out. We can easily incorporate any changes in your prescription and can also coordinate renewals with your doctor. So, you get the right medications at the right time.
- Easy access to pharmacists: Have questions about your medications, their side effects, or your medical conditions? Instantly connect with PocketPills’ pharmacists via live chat, email, SMS, or phone call to 1-855-950-7225.
Save On Dispensing Fee
Pharmacists charge dispensing fees for the following activities:
- Dispensing the drug products
- Stocking medication
- Talking about the treatment
- Providing drug information to doctors
- Other services, such as blood pressure checks and diabetes clinics
To save on the dispensing fee, buy your medicines online when they are at their best price. Switch to a simpler pharmacy today. Sign up on Pocketpills app or website, and we’ll take care of the rest.