WHAT IS THE MONTHLY COST OF METFORMIN

Hi friends welcome back to my blog. Lately, my hospital has been paying close attention to the patient satisfaction survey. Random patients will receive surveys after they get discharged from the hospital. The purpose of the survey is to let patients evaluate the hospital’s performance. Part of the survey question asks the patient whether we discuss medication and explain medication-related side effects. I pick Metformin today because more education needs to be provided about this widely used diabetic medication. We are going to discuss:

• General overview of Metformin
• Fun facts
• Newly discover side effects.
• Profit of making Metformin
• And the financial burden.

What is it about Metformin that is so fascinating?

Metformin treats high blood sugar levels in type 2 diabetic patients. There are two main types of diabetes. Type 1 is caused by an autoimmune reaction that stops your body from making insulin. To treat type 1, the patient needs insulin. In type 2, the body doesn’t have a problem producing insulin. The situation in type 2 is that the body can’t use insulin to regulate blood sugar efficiently. To treat type 2, the patient needs both oral medication and injectable insulin.

Fun Facts

• From the French lilac, the name is derived from gluco (sugar) and phage (to eat).
• Metformin is amazing because it has been around since 1950 and is recommended as the initial therapy for newly diagnosed type 2.
• When I meet with my patients to talk to them about their medication, the majority of them are diabetic patients who are currently on Metformin.

Newly discover side effect

Recently in 2021, Metformin Extended-Release was discovered by scientists that it may have an unacceptability high level of cancer-causing drug.  NDMA is a cancer-causing contaminant called N-Nitrosodimethylamine. If you currently take metformin, it’s crucial to talk with your doctor about other treatment options.

This comes as a surprise to many people because of how long Metformin has been used and how popular it is among diabetic patients. The bottom line is that there is no short-term risk in continuing to take the medication until you seek medical advice from your primary physician.

Is it worth it for manufacturers to make Metformin?

Yes, there are huge profits in making Metformin. In 2021, The worldwide Market for Metformin Hydrochloride is valued at 254.5 million USD in 2020 is expected to reach 371.8 million USD by the end of 2026, growing at a Compound Annual Growth Rate (CAGR) of 5.5% during 2021-2026.  

Since Metformin is generic, there are a lot of manufacturers around the world that produce it.  A few examples of the key players are Wanbury, USV, Exemed Pharmaceuticals, Vistin Pharma, Aarti Drugs, Farmhispania Group, etc. USV is the largest manufacturer with about 26% revenue market share.

The financial burden of Metformin in diabetic patient population

Metformin is an inexpensive generic drug. Cost is varied upon the strength of the regimens of the treatments. Metformin comes in as immediate (500mg, 850 mg, 1,000 mg) and extended-release (500mg, 1,000mg). To make the cost discussion simple, I will refer to the very initial treatment, 500 mg immediate-release once tablet by mouth once a day.

• Without insurance, it costs $0.04 to $1.80 per tablet. For a 30-day supply, the patient will have to pay $54 ($1.8 x 30).
• With insurance, the cost varies on your copay. Since Metformin is an approved FDA medication as a first-line treatment for diabetic type 2, it is covered by the majority of health insurances. You can pay as low as $4 for a 30-day supply through Walmart.

To save money on prescription medication, here are a few tips that you should follow:

1. At the doctor’s office, ask to be prescribed generic instead of brand name medication
2. Read up on your insurance prescription coverage to understand your copaid and payment tiers.
3. Do a little bit of research (GoodRx.com, …) to see if there are any available coupons.
4. Exercise and maintain a healthy lifestyle to avoid being on medication.