I’m finally catching up on my reading and came across a fascinating podcast from February 24th. If you take medication, you should listen to what ZdoggMD in The Ugly Truth Behind Soaring Drug Prices (And How To Fix Them) w/Dr. Alex Oshmyansky – ZDoggMD.
When I started my practice in the early 80s, the cost of medical care and medications was quite reasonable. There were very few health insurance companies and no prescription plans. You paid for the treatments you received; and, if you had insurance, your insurance company reimbursed you. A “Sports Physical” was $5. A vitamin B12 injection was also $5. By the time I retired, a “Sports Physical” ran as high as $150 and a shot of vitamin B12 cost $75.
The physical did not change. It did not take any longer or require any special tests. The B12 was identical to the B12 given in the 80s. So, what changed? What changed was the insertion of an insurance company that requires prior authorization, additional billing steps and inflated prices in order to make a living. On the pharma side was the addition of a “pharmacy benefits manager” who simply skimmed massive amounts of money off the top of every prescription written and filled.
Dr. Oshmyansky is the CEO of Mark Cuban’s company, Mark Cuban Cost Plus Drug Company. After listening to the podcast, research your medications on his program by checking out the cost of you. It’s about time someone cut out all the middlemen in the medical world.
