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The Rise of the Price of Prescription Medications

The rise of the cost of prescribed medications in the United States has affected many patients. 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. It is difficult to feel the efforts that are made by the CEOs who promised that they will solve this problem, especially when this issue is more than just a single pharmaceutical company or a certain medication.

Back in 2008 up to 2014, the percentage of the median prices of common prescription medications increased up to 120%. Pharmaceutical companies defended themselves by telling the public that their decision of increasing their prices is due to the competition, the rise of the cost of research, and shortage of drugs.

There are also advocates of this price increase who is telling the public that this change has made patients save their money, since they no longer need to be hospitalized due to the effectiveness of their medications. 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. With the introduction of new medicines for cancer and hepatitis, medications within a year could amount to more than $100,000.

These days, there are already online pharmacies that are selling medications without making the patient’s wallet empty, which is why a lot of people are considering this alternative. Even if they can buy medicines at lower prices through this, the question of why medicines are too expensive still lies in their heads.

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 are offering wholesale prices to their medicines. The prices of competing drugs are their basis for their prices.