Are we entering a new era of supply shortages? It certainly seems like it. In addition to new reports that orange juice is in short supply, drugs – the stuff many of us use OJ to wash down – are also taking a major hit in availability.
Added up, there are more than 250 medications on the nation's drug shortage list, spanning across 22 therapeutic categories. That includes:
ADHD medications (Adderall and generic versions of Vyvanse, for example)
Chemotherapy drugs
Type 2 diabetes medications
Pain and sedation medications (such as Midazolam and Ketamine), and
Narcolepsy medications
The primary reasons for these shortages include discontinuation of drug production, rising demand, delays in shipments, and manufacturing and quality issues.
Hitting consumers' pocketbook
No good shortage in a consumer product category comes without what seems to be the requisite gouge in prices. According to reports, this particular shortage has led to increased drug prices, with an estimated 16.6% price hike for drugs in short supply.
If you’re someone who takes a drug that’s in short supply, the mere mention of a price hike probably has your attention. You can go to pharmacies that participate in discount programs like GoodRx and SingleCare and find competitive prices, but sometimes the coupons/discounts are a one-time use only.
For a more consistent deal, Mark Cuban’s CostPlusDrugs only marks drugs up 15% over the manufacturer’s cost, adds in $5 for pharmacy labor and $5 for shipping -- that’s all. It's highly doubtful you'll ever find any shortage-driven price hikes there.