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 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. 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. 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 of this price hike, this change has made people save their money since medicines are now strong enough to prevent patients from having complications. 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. With the introduction of new medicines for cancer and hepatitis, medications within a year could amount to more than $100,000.
Today, a lot of people are already considering alternatives in order to get their medications at an affordable price, which can be done by contacting online pharmacies. 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 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 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 their drugs are actually based on the price of the competing drugs.