NEW YORK (CNN/Money) -
Prices for the top 200 brand-name drugs rose 3.4 percent in the first quarter, nearly triple the rate of inflation, according to a recent AARP report. The increase is one of the sharpest quarterly spikes since 2000.
How can you chop your growing prescription drug bills? Here are today's 5 tips.
1. Rethink generics.
If you're looking to save big, generic drugs are the way to go.
According to Robert Epstein, Chief Medical Officer at Medco, the savings potential is highest for uninsured patients who can expect savings in the range of 30 to 60 percent or more depending on the drug. Savings for patients with insurance is about 50 percent (on average) because generic drug co-pays are typically half of brand-name drug co-pays.
Of the more than 10,000 brand-name drugs listed by the FDA, 8,000 are available in generic form. So if your doctor prescribes a brand name drug, it pays to ask if there's a generic version.
Epstein also says $30 billion in brand name drugs are scheduled to go off patent in the next 3 years, with some very widely prescribed drugs among them. The blockbuster anti-depressant Celexa is coming off patent in 2005. Duragesic, the very popular pain patch, is also coming off patent next year. And in 2006, the 3 Z's: Zoloft (anti-depressant), Zocor (cholesterol drug), Zithromax (antibiotic) get their turn.
To track monthly generic drug approvals, go to www.fda.gov or click here.
2. Be a cheapskate.
A recent study by the Sutherland Institute, a non-profit public policy group, found that shopping around made a big difference where prescription drug prices are concerned.
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 CNNfn's Gerri Willis shares five tips on how to cut your prescription drug bills.
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Sutherland compared prices on the five most commonly prescribed drugs in U.S. at pharmacies across the state of Utah. Prices for all five prescription drugs purchased at in-store pharmacies varied greatly. ($586 at Rite Aid vs. $473 at Costco, a difference of $113 -- keeping in mind that a Costco membership costs an additional $45).
Thirty 40mg tablets of Pfizer's Lipitor, the top-selling drug in the U.S., sold for $119.99 at Rite Aid compared to $94.99 at Drugstore.com. However, Americans who bought Lipitor illegally from a Canadian prescription Web site got the best deal at $71.66. To view the results of Sutherland's study, go to www.sutherlandinstitute.org.
3. Score drug maker discounts.
Drug companies have been sharply criticized for the recent increases in drug prices. But most firms do offer help to people with low incomes and/or no drug coverage.
These patient assistance programs offer free and low-cost medications to people who qualify. These assistance programs are generally not well publicized so it's up to the patient to do their homework. Most drug companies have program details on their Web sites.
Last week, Pfizer announced the creation of a new program. The company says uninsured Americans earning less than $45,000 a year will have access to its drugs at an average discount of 37 percent starting next month. Uninsured families making more than $45,000 a year will be eligible for a 15 percent discount. Families earning less than $31,000 will be able to get medications for free.
Pfizer says an official program Web site and 1-800 number will be launched next month but in the meantime, go to www.pfizer.com for more information.
Medicare-enrolled Americans without prescription drug coverage and with incomes of up to $28,000 ($38,000 for couples) are eligible to enroll in the "Together Rx" program. The program, a partnership between BMS and Abbott, AstraZeneca, Aventis, GlaxoSmithKline, Johnson & Johnson and Novartis advertises discounts on 155 widely prescribed drugs. For more info on the "Together Rx" program go to www.together-rx.com.
To get information about different corporate programs, go to the Pharmaceutical Research and Manufacturers of America Web site www.helpingpatients.org.
4. Look for help close to home.
Most states also provide prescription assistance to prescription seekers who meet certain eligibility requirements. These programs are primarily aimed at low-income elderly citizens or those with disabilities.
Dee Mahan of Families USA cautions that programs vary from state to state and filling out the forms can be a daunting process. In order to help patients through the ordeal, she says some states have specialists on hand to provide guidance over the phone.
For more information on state drug assistance programs go to the National Conference of State Legislatures Web site. For state-by-state guidelines and contact information click here. You can also visit your individual state government's Web site.
5. Be your own advocate.
When you're at your doctor's office, ask for free samples. Drug companies give generous supplies of brand name drugs to doctors so they can dispense them to patients.
Epstein also advises looking into mail order. These programs allow consumers to buy a 3-month supply all at once. Typically, it's 30 percent cheaper than refilling each month at the pharmacy.
Gerri Willis is a personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.
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