The Reasons Why Prescription Medications are of High Cost
Patients in the United States are affected by the rise of the cost of prescribed medications. Many people are having a hard time maintaining their medications with the continuation of this issue, wherein a lot of pharmaceutical companies are continuing to increase the prices of their medicines.
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 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. With the introduction of new medicines for cancer and hepatitis, medications within a year could amount to more than $100,000.
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.
Having Extensive Patents
The United States have longer patents for drug makers compared to the other countries, which is one of the reasons why medicines are very expensive. Patents are very helpful for pharmaceutical companies, giving them the chance to sell their medicine without having any competitor for this kind of drug for about two decades. 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. Wholesale prices are offered by pharmaceutical companies. The prices of competing drugs are their basis for their prices.