Prescription drugs play an essential role in helping alleviate symptoms, treat illnesses, and even save lives. However, the high price of prescription drugs makes them inaccessible for many Americans. This is also true for those who can opt for Medicare or afford health insurance plans.
The US spends more on its healthcare system than any other high-income nation. However, millions of citizens still can’t access medical care.
In this blog post, we’ll discuss why prescription drugs are so costly and how prescription drug assistance can help.
No Price Regulation
To put it simply, drug manufacturers have complete control over how much patients pay for their prescription medicines. It isn’t a norm in countries with health programs because the government negotiates or covers drug prices.
Though the Federal Food and Drug Administration regulates drug manufacturing, testing, and marketing, they don’t regulate their pricing.
Since the US doesn’t negotiate drug prices, this enables drug makers to set higher costs for their drugs, regardless of their value. This way, manufacturers walk away knowing that they can price the drugs higher in the United States to compensate for other losses.
Patent and Drug Exclusivity Protection
Whenever new drugs are manufactured, they’re kept under the patent and drug exclusivity protection. These patents can last up to twenty years from the time of filing, meaning that other pharmaceuticals aren’t allowed to develop generic drugs with similar effects. As a result, just that particular drug is available on the market and is priced according to the manufacturer’s wishes.
While patent and drug exclusivity protection enable pharmaceuticals to safeguard their hard-earned research from competitors, it also results in patients being unable to afford medication.
The United States citizens pay a lot more for healthcare compared to other countries like the UK, Canada, or France. However, contrary to popular belief, healthcare utilization isn’t different in these countries compared to the US. Instead, the high costs of labor, goods, and other administrative prices make the difference in expenditure.
Competition in The Market
There are fewer insurance companies in other high-income countries, giving them an advantage over pharmaceuticals. This way, they have the power to reject any highly-priced drug. As a result, the drugs are priced reasonably to compete in the free market.
If you’re having a difficult time affording prescription drugs, Advocate My Meds can help you out.
Here, at Advocate My Meds, we are a full-service prescription assistance organization that offers prescription assistance to patients. All you have to do is ensure you’re eligible for our prescription assistance organization, and you can reap the benefits.
Contact us for further assistance.