The main reason as to why prescription drug prices are on the rise is because of the existence of monopoly rights given to researchers and manufacturers of those drugs by the government. 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. Most insurance companies has no negotiating power when it comes to these medications since they are at a risk of losing their insurance coverage of the medication. 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.