A global price analysis showed the cost of acetaminophen, a popular over-the-counter pain reliever, is up to 240% higher in the United States compared to other countries.
According to a recent report published by the Healthnews team, consumers in the United States spend more on acetaminophen, known under the brand name Tylenol, than people in nine other regions of the world.
Acetaminophen is called paracetamol or Panadol in Europe and other countries. The medication is a non-aspirin pain reliever and fever reducer used to manage many conditions such as arthritis pain, headaches, and cold and flu-related symptoms.
The report analyzed the cost of one 500 mg tablet of the popular over-the-counter pain medicine in 10 countries, including The United Kingdom, Australia, Germany, and Sweden. After standardizing the prices by converting local currencies into U.S. dollars, the research team found that in the U.S., one acetaminophen tablet costs $0.38 versus $0.11 in Australia.
That means Americans pay 240% more than Australians for the pain-relieving drug.
Germany and Italy came in behind the U.S. with $0.32 per tablet, followed by Belgium ($0.26), Austria and France ($0.24), the U.K. ($0.22), Sweden ($0.17), and Canada ($0.13).
According to the report, the low cost of acetaminophen in Australia is likely due to subsidies that help ensure medications are affordable. Moreover, Canada's lower pricing reflects caps and price increase restrictions the country places on certain drugs.
In the U.S., pricing is likely influenced by a lack of price controls, differences in drug pricing policies, and healthcare marketing strategies.
Interestingly, OTC acetaminophen is not the only medication with a higher price tag, as reports suggest that prescription weight loss/diabetes drugs like Ozempic cost five times more in the U.S. than in other large nations.
Moreover, prices of more than 500 pharmaceutical drugs increased in January of this year, adding more financial strain on Americans.
While the analysis showed that Americans pay more for over-the-counter medications like acetaminophen, a person can help lower their out-of-pocket costs by looking for generic versions with the same active ingredient, using coupons, or asking a pharmacist to help choose the least expensive option.
In addition, some health insurance plans may cover certain OTC medications. So, those with health insurance can contact their insurance provider to determine if their plan has this coverage.
2 resources
- Michigan Medicine University of Michigan. Want to save on prescription or over-the-counter drugs? speak up.
- Fierce Healthcare. Medicare is overpaying for certain common, over-the-counter drugs: study.
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