Know More About High-Cost Prescription Medications
Patients in the United States are affected by the rise of the cost 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.
Hilary Clinton, who is the Democratic presidential nominee and the former Secretary of State, has called the attention of these pharmaceutical companies due to the overpricing of their products, and many medical groups are also criticizing these companies. Even if CEOs have promised to solve this issue, the changes are still not felt, especially that this is more than just dealing with a single medication or company.
The percentage of the median prices of common prescription medications in 2008 up to 2014 has reached drastically to 120%. Pharmaceutical companies have reasons as to why they increased their prices, which are as follows: the rise of the cost for research, shortage of drugs, and competition.
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, 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. Even if you have bought an affordable medication, you would still ask yourself as to why medicines are very expensive these days.
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. Patenting is done as soon as the drug is being tested, and this will be the perfect time to earn back their money, especially when they have no competitors yet.
Prices are not Regulated
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. Pharmaceutical companies are offering wholesale prices to their medicines. The prices of competing drugs are their basis for their prices.