Prescription drug prices, especially in the United States, are high because of the government laws and regulations that protect the manufacturers and researchers to have monopoly rights. Most of these firms have been in existence for quite some time, so it has been a profit-making industry for them at the expense of the citizens. In this article, there are more answers as to why the drug rise in the United States might be an issue people will have to deal with for more years.
The country has a system that allows manufacturers to be the sole producers of drugs as a way of increasing innovation and growth in the country. They are the same individuals who set the prices and the government has no control on how to regulate those prices. Prices can be held down if there are other people producing the same drugs as it makes firms to adjust trying to fit into the expectations of their customers and with just one or two firms, the prices keep on raising.
Before a new medication is brought to the market, it has to go through the necessary check to ensure it will be effective and all that requires a lot of money so when the medication is released to the market, the prices are higher. If the market is small the firms try to make money by shooting the prices since these medications are not purchased on an occasional basis. Drug producers get patents when the medication is in testing phase and when one gets it could be for about twenty years which is a long time for medication to circulate and sell at high prices.
Manufacturers have the right to sell these drugs to their clients directly thus, any marketing costs incurred are compensated by the rise in buying. Insurance companies are also unable to negotiate for the prices since they will not come across the same drug from a different country leaving them at crossroads. It is possible for insurance companies to get cheaper prices sometimes and in other cases the manufacturers look for an alternative way to help individuals be in a position to pay for their medication.
However, there are ways to ensure one gets the drugs without spending too much like having an insurance cover and also be ready to negotiate for the prices when one walks into a pharmacy. They is why it is essential to choose the insurance company well since it is the determining factor of how much one will spend. Look for alternative medication if the one you take on regular basis is high and a good pharmacist will assist you in that as long as one opens up to them instead of leaving.