Medicare beneficiaries previously without drug coverage significantly reduced their out-of-pocket prescription costs and now have better access to medication because of the Part D drug benefit added to Medicare last year.

Those were the findings of a study conducted by the Amundsen Group and released by the Pharmaceutical Research and Manufacturers of America (PhRMA). It found that average monthly out-of-pocket costs for drug beneficiaries dropped by more than 50 percent—from $59 to $29—because of Part D benefits. In the same time period, the number of beneficiaries spending more than $50 a month for their medicines dropped from 34 percent to 18 percent. The number of beneficiaries spending less than $10 a month increased from 17 percent to 42 percent.

“Medicare beneficiaries are receiving better access to care under the prescription drug benefit, which means they are living healthier lives,” says Ken Johnson, PhRMA senior vice president. “Even better, they’re getting this care for much less money than they were spending before.”

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