The Rise of the Price of Prescription Medications
The rise of the cost of prescribed medications in the United States has affected many patients. This issue is continuing up until today, especially that there are many pharmaceutical companies that are increasing their medicine’s prices, making it hard for people to maintain their medications.
These medical companies are publicly criticized by many medical groups, and even Hilary Clinton, who was the Democratic presidential nominee and former Secretary of State, called the attention of these companies due to the prices of their products that are making people suffer. Even if there are already effort made by CEOs with their promises of solving this problem, changes are still not felt.
Back in 2008 up to 2014, the percentage of the median prices of common prescription medications increased up to 120%. The pharmaceutical companies were asked about this drastic increase of prices, which are answered with their following reasons: competition, shortage of drugs, and the rise of the cost of research.
According to the advocates of this price hike, this change has made people save their money since medicines are now strong enough to prevent patients from having complications. On the other hand, patients are still complaining that they are having a hard time buying expensive medications, especially when insurance companies require them to pay a big amount every single time. There are newly introduced medicines for the cases of cancer and hepatitis which will make a person spend $100,000 per year if one will undergo a medication.
These facts have made people decide to go for alternatives, such as approaching online pharmacies in order to have affordable medications. Medicines are expensive for a reason, which will be explained by this article in order for you to understand why these changes are happening in the society.
Reasons Why Extensive Patents Affect the Price of Medicines
The United States have longer patents for compared to other companies, which is why the prices of medicines are very high, making a lot of patients have problems in buying their medications. Because of patents, pharmaceutical companies will not have any competition for their certain drug for about two decades, making them earn so much money. A patent is filed when a drug is still being tested, and this will be the company’s perfect time to push their sales up, especially when they still have no competitors for this certain drug.
No Regulation of Prices
Other countries have regulations to the prices of the prescribed medicines, which is not applicable to the United States, according to their laws. Pharmaceutical companies can put wholesale prices. They will base their price on the price of the competing drugs.
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