Know More About High-Cost Prescription Medications
A lot of patients in the United States have felt the effect of the rise of the price of prescribed medications. 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. 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.
According to statistics, there was a 120% increase in the median prices of the common prescription medications from 2008 to 2014. 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, a lot of patients are complaining that their insurance plans are requiring them to pay a big amount of money, which is making them have a hard time in buying expensive drugs. 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.
Price Hike due to 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. 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. Wholesale prices are offered by pharmaceutical companies. They will base their price on the price of the competing drugs.