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Generic Drug Price Changes and Worker’s Comp Claims
Very often in Workers’ Compensation cases, the employee seeking compensation needs to rely on prescription medication as a part of their medical care to treat their injury. The price of these medications is accounted for in the Workers’ Compensation settlement, but that might become increasingly more difficult for insurance companies as generic drug prices are soaring. Read on to learn more about this unexpected surge and what it could mean for your own Workers’ Compensation case.
The generic drug price increase that has been taking place was not truly noticed by the industry until the end of last year, 2014. Across the board, antibiotics, painkillers, and other types of medication had had a wide range of percentage price increases. At a U.S. Senate subcommittee meeting, it was stated that these generic drug price increases ranged from between 9 and over 2,000 percent. What accounts for these dramatic shifts? One reason that has been cited is the merging of different pharmaceutical companies, leading to quasi-monopoly companies that can set their generic drug prices at whatever level they deem appropriate, knowing that they are the sole or one of the sale manufacturers.
So when it comes to employees seeking Workers’ Compensation benefits, why do these spikes in drug prices matter? Some have argued that injured workers are partly to blame for the increases. They believe that by monitoring how employees use the drugs they are prescribed, they can discover any instances of a worker failing to use a generic drug for the right amount of time and the correct dosage prescribed and thus “taking advantage” of the system. But is it more likely that injured workers are trying to exploit their employers or that large pharmaceutical companies are themselves taking advantage and using their positions to maximize profits?
The Workers’ Compensation benefits you are offered, if you need prescription medication, are based off of the lowest generic drug price available. If these prices continue to increase as the trends would indicate, that might make getting the full amount of compensation you deserve for your injuries more difficult. Call on a qualified attorney to represent you and to ensure you get all of the assistance that you need.
We have four offices across Maryland and Virginia with trained legal professionals ready to assist you. Please CALL US at 1-800-243-2439 to be directed to the closest Jenkins Block & Associates location to you.