Smart Ideas: Medications Revisited
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. It is as if these companies have been out there to make lots of profits through the society an issue that has been going on for years. Prescription drug prices being on the rise might be a problem that individuals have to deal with for years and years to come due to these reasons.
If a company is the only producer of a particular drug, they will sell it at a higher price since they know one has no choice and that is how most American firms have been operating for years. Unlike other countries where government regulates the prices of medication, in the United States, the manufacturers are the individuals setting the prices thus making them expensive. When there is competition, the prices keep on fluctuating since a firm knows that clients will go for the one whose prices are cheaper and affordable.
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.
When a drug maker markets their products directly to a client, there are charges incurred, and those are recovered by raising the prices of these drugs. 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.
If you want to get the medication at a lower cost, ensure there is an insurance company one is working with since they cater for most of the cost but also be ready to negotiate. When selecting an insurance plan, it should be covering the cost of medication one needs within a certain period and one can use their doctor’s help in picking the best insurance company. 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.