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Spending volume for psychiatric medication slows

Posted On Thu, February 2, 2012

A study from Thomson Reuters and the Substance Abuse and Mental Health Services Administration showed that there has been a marked drop-off of psychiatric medication spending.

Published in "Psychiatric Services'" issue for January, the study showed that from 1997 to 2001 expenditures per patient declined nearly 19 percent. In addition, from 2001-2008, these declined 6.3 percent. Fewer consumers may be using these types of medication, as during the first period, growth dropped by 7 percent, while it dropped 2 percent during the second part of the time frame.

"Employers and insurers have been concerned with the rate of increase in psychiatric drug costs," said Dr. Tami Mark, the paper's lead author and senior director of Thomson Reuters "As a result, they have implemented measures to control the cost of psychiatric medication prescriptions, such as step therapy, tiered payment, and other proactive cost-control measures."

Consumers who cannot afford their medication may want to examine alternative health insurance options. One option could be to compare health insurance quotes, as there may be a less expensive plan regarding medicinal costs.

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