- According to the World Health Organization (WHO), schizophrenia affects about 1 in 300 people worldwide.
- The cost of managing schizophrenia and bipolar disorder with antipsychotic medications, such as Latuda, places a substantial financial burden on those affected.
- Discover the reasons behind Latuda's high price point and strategies to potentially reduce the cost.
Living with schizophrenia can be challenging. Managing the symptoms often requires the use of antipsychotic medications, which can bring much-needed relief; however, these drugs are often unaffordable, including one called Latuda.
Why is Latuda so expensive? Several factors contribute to its costly price point. Let's unpack each of them to learn more.
What is Latuda?
Latuda is a brand name for the medication lurasidone, an antipsychotic medication primarily used to treat schizophrenia and bipolar disorder (bipolar depression) in adults and children 10 years and older.
Medical News Today says it's not yet fully understood exactly how atypical antipsychotic medications like Latuda work, but it is believed that they increase the levels of certain chemicals in the body, such as serotonin and dopamine. These natural chemicals help to alleviate symptoms of schizophrenia and bipolar disorder.
Why is Latuda so expensive?
According to Raleigh Public Record, Latuda's high price can be attributed to several factors. Firstly, the development of Latuda involved substantial investment in research, clinical trials, and regulatory approvals. These costs are then incorporated into the final price of the drug.
Another contributing factor is pharmaceutical companies' significant marketing and advertising expenses to promote their drugs to doctors and patients. The absence of price controls in the U.S. also allows Big Pharma to set prices with less pressure to lower them.
Without competition, pharmaceutical companies can keep the price high. However, RxLess reported that in November 2022, the generic version of Latuda was released, which should help to lower the cost of the medication.
There are some ways to reduce the cost of Latuda.
With a generic version of lurasidone (the active ingredient in Latuda) finally available, things are looking up for those suffering from schizophrenia and bipolar disorder.
However, Medical News Today advises speaking with your doctor first, as they may have a reason for wanting you to use the branded version of Latuda. If this turns out to be the case, you can try these strategies to lower its cost:
1. Get a 3-month supply: Check if your insurance company allows you to get a 90-day supply of Latuda. This reduces the number of trips to the pharmacy and can help lower the cost.
2. Consider a mail-order pharmacy: Some pharmacies offer mail-order services for Latuda, which can lower the cost and allow you to receive the medication at home.
3. Explore financial and insurance assistance: If you need help paying for Latuda or understanding your insurance coverage, there are options available. You can inquire about the Latuda Copay Savings Card by visiting the website.
Remember, these tips and answers are aimed at helping you navigate the cost of Latuda. For personalized and detailed information, it’s always best to contact your doctor or your insurance provider.