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The Rise of the Price of Prescription Medications

Patients in the United States are affected by the rise of the cost of prescribed medications. With the continuation of the rise of the prices of medicines made by pharmaceutical companies, many people are having the burden of buying these expensive medicines in order to maintain their medications.

Hilary Clinton, who is the Democratic presidential nominee and the former Secretary of State, has called the attention of these pharmaceutical companies due to the overpricing of their products, and many medical groups are also criticizing these companies. Even if there are already effort made by CEOs with their promises of solving this problem, changes are still not felt.

Back in 2008 up to 2014, the percentage of the median prices of common prescription medications increased up to 120%. The pharmaceutical companies were asked about this drastic increase of prices, which are answered with their following reasons: competition, shortage of drugs, and the rise of the cost of research.

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, a lot of patients are complaining that their insurance plans are requiring them to pay a big amount of money, which is making them have a hard time in buying expensive drugs. There are newly introduced medicines for the cases of cancer and hepatitis which will make a person spend $100,000 per year if one will undergo a medication.

Today, a lot of people are already considering alternatives in order to get their medications at an affordable price, which can be done by contacting online pharmacies. Medicines are expensive for a reason, which will be explained by this article in order for you to understand why these changes are happening in the society.

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. Patents are very helpful for pharmaceutical companies, giving them the chance to sell their medicine without having any competitor for this kind of drug for about two decades. Patenting is done as soon as the drug is being tested, and this will be the perfect time to earn back their money, especially when they have no competitors yet.

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. The prices of their drugs are actually based on the price of the competing drugs.