Prescription Drug Costs are Getting Expensive
In the USA, the prescription costs are not getting higher than before. You will know why this happened and how you can help about it. This is the perfect article for you to know the answers.
Healthcare ‘s cost is getting more expensive. Th healthcare system has an area that keeps rising every time.
The prescriptions are getting higher for a reason and you can do something about it.
Drugs are Now More Expensive
People need affordable drugs to cure themselves or their loved ones. You should see the statistics in the recent years before you can have the answer of why these medicines are so costly.
From May 2015 to May 2016, an article reported that the prescription drug costs had a 10% increase.
The increase may look deceivingly little but it is already very big.
See these information for yourself:
Inflation grew 1% simultaneously. The Food and booze prices also went up for 2.8%. An increase of 5.7% also happened to the price of clothing. The rise of the prices of the other basic needs has no match to the rise of the cost of prescribed drugs.
Drugs are Expensive for a Reason
There are different reasons was to why drugs are very expensive already.
But the answers may not be that convincing.
These are the reasons listed for you, answering why drugs are pricy:
First is the Industry Explanation
The pharmaceutical industry explains that they are making more better and effective drugs that is why these are already very expensive. The money and effort they spent should be returned. Many do not understand this process.
The Reason of the Economy
The aging and retiring baby boomer are not patients of healthcare services. Most people are using the same drug which makes the drug in demand. The price will go higher if the demand is also high.
If a drug is always bought by these patients, it will be in demand. So you will not wonder if the price goes up again.
There are Anti-Industrial Arguments
A grace period implemented by most of the governments is when a drug is still new and out on the market and no competitor is allowed to make one like it. This is said to make companies make more quality medicine.
However, for the past few years companies are practicing ‘evergreening’. This means they are just going to alter a little on their medicine. This process will prolong the high price of their product.
Economics is the basis of the second anti-industrial argument. The argument here is about the drug being an inelastic good that the demand is not really sensitive to its price.
Imagine a $10 cracker for this one. No one will definitely eat a cracker costing $25 if they are going to increase the price.