How to Save on Prescription Drugs

Aug. 19, 2004 -- As the price of prescription drugs rises each year, so does the need for them by Americans who rely on statins and other modern life-saving drugs to stay alive.

In the latest installment of Good Morning America's "Show Me the Money" series, we offer tips on how Americans can save on prescription drugs, no matter where they live.

Drug Companies Offer Assistance to Consumers

Pfizer has recently launched a new initiative aimed at reducing the costs of prescription drugs for low-income families as well as senior citizens. Specifically, families earning less than $31,000 a year are eligible to receive free Pfizer medicine, while those earning up to $45,000 annually will receive drug discounts, resulting in an average savings of 37 percent on their Pfizer prescriptions. Additionally, people earning more than $45,000 a year who do not have prescription drug coverage may be eligible to receive a 15 percent discount on their Pfizer medications. Lastly, low-income seniors (65 years of age and older) earning less than $12,529 a year for an individual and $16,862 for a married couple can obtain a one-month supply of any Pfizer medicine for $15 through any Medicare-approved drug discount card. To enroll in this program, a patient must complete and submit an application that's signed by their physician, as well as a copy of their tax return and prescription information.

Legislators Working to Reduce Prescription Drug Costs

Several states are considering programs which would ease the burden of prescription drug costs on their residents, with Illinois and New York taking the lead.

Illinois Solution: Legalized Overseas Purchases

Illinois Gov. Rod Blagojevich and Rep. Rahm Emanuel, D-Ill., recently announced a plan to create a network of pharmacies that would permit Illinois residents to buy less-expensive drugs from Canada.