The Rise of the Price of Prescription Medications A lot of patients in the United States have felt the effect of the rise of the price of prescribed medications. 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 […]
The Rise of the Price of Prescription Medications
A lot of patients in the United States have felt the effect of the rise of the price of prescribed medications. 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 companies have already been criticized by medical groups, and even Hilary Clinton, who is the Democratic presidential nominee and the former Secretary of State, called the attention of these companies because of the excessive charge that they are putting on their products. It is difficult to feel the efforts that are made by the CEOs who promised that they will solve this problem, especially when this issue is more than just a single pharmaceutical company or a certain medication.
The percentage of the median prices of common prescription medications in 2008 up to 2014 has reached drastically 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.
There are also advocates of this price increase who is telling the public that this change has made patients save their money, since they no longer need to be hospitalized due to the effectiveness of their medications. On the other hand, many people are still pointing out that they could not easily buy their expensive medicines, especially when their insurance companies are requiring them to pay a big amount. Newly introduced medicines for cancer and hepatitis have raised the bar up, which can make a person spend $100,000 for a year of medication.
These days, there are already online pharmacies that are selling medications without making the patient’s wallet empty, which is why a lot of people are considering this alternative. Even if they can buy medicines at lower prices through this, the question of why medicines are too expensive still lies in their heads.
Having Extensive Patents
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. The benefit of the patent for pharmaceutical companies is that it gives them a chance to offer their medicine without having competitors for about two decades, making them have astounding returns. 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
The government of the United States has no regulations when it comes to the prices of medicines, which is different if you compare it to other countries. Wholesale prices are offered by pharmaceutical companies. They will base their price on the price of the competing drugs.