The Reasons Why Prescription Medications are of High Cost The rise of the cost of prescribed medications in the United States has affected many patients. With the continuation of the rise of the prices of medicines made by pharmaceutical companies, many people are having the burden of buying these expensive medicines in order to maintain […]
The Reasons Why Prescription Medications are of High Cost
The rise of the cost of prescribed medications in the United States has affected many patients. With the continuation of the rise of the prices of medicines made by pharmaceutical companies, many people are having the burden of buying these expensive medicines in order 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. 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, medicines nowadays are strong enough to keep a person from having more complications, making them save a lot of their money. 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. With the introduction of new medicines for cancer and hepatitis, medications within a year could amount to more than $100,000.
People will always find a way in order to have the medications that they need without spending too much, which can be done my preferring online pharmacies. 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
If you are wondering why medicines are too expensive, one good reason is the longer patents that drug makers have in the United States compares to other countries. 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. Even if the drug is still being tested, the patents are already passed, and this just means that they are given a good amount of time to earn back what they have spent through patenting.
No Regulation of Prices
The government of the United States does not require to have regulations when it comes to the prices of the prescribed medicines. Pharmaceutical companies are offering wholesale prices to their medicines. They will base their price on the price of the competing drugs.