The rise of the cost of prescribed medications in the United States has affected many patients. 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 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. Even if there are already effort made by CEOs with their promises of solving this problem, changes are still not felt.
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.
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, 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. 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 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.
Reasons Why Extensive Patents Affect the Price of Medicines
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. Because of patents, pharmaceutical companies will not have any competition for their certain drug for about two decades, making them earn so much money. 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.
Prices are not Regulated
The government of the United States does not require to have regulations when it comes to the prices of the prescribed medicines. Pharmaceutical companies can put wholesale prices. They will base their price on the price of the competing drugs.