Prescription medications are a must for many living with chronic illnesses that have a major impact on their daily health and well-being. The problem? Weâ€™re all too familiar with the high costs associated with filling the prescriptions that we need. While we may simply pay it because itâ€™s what we have to do, itâ€™s important to conduct further research into why medication is so expensive and what can be done about it.
Are you tired of high prescription costs and no explanation? If so, letâ€™s dive into the reasons behind rising drug prices in the US and reach a solution together.
Why Are Prescription Drug Costs Rising Rapidly?
People in the United States are often left wondering why US drug prices compared to other countries are so high. There are actually a number of reasons why you are paying so much for your medications, even if they arenâ€™t always advertised. Some of the factor behind prices on medicine include:
1. A Lack of Regulation in Drug Pricing
Drug prices in the US are so much higher than in other countries because there is no pricing regulation in the United States. Whereas many foreign governments will assess the efficacy and safety of a new product and work with pharmaceutical companies to come up with a fair affordable price that patients will be able to pay, the US allows pharmaceutical companies to set their own prices, resulting in much higher drug costs that are unregulated.
2. The High Costs of Drug Development
Generally, pharmaceutical companies will say that the reason behind the pricing is due to research and development costs. While this may sound justifiable to many patients, itâ€™s not quite true. In fact, lowering prices would not have a massive impact on the research and development these companies would have to undergo as little research is being done on existing medications. So, while this may be a common refrain in the healthcare industry, itâ€™s not one that can be supported by evidence.
3. How Patents Delay Access to Generics
Unfortunately, patents for new medications last as long as 20 years, which can be a factor that is behind high drug prices in the US. During this period, this means that itâ€™s not possible for generic medications to make their way onto the market, making it so that people have to purchase brand-name medications in order to treat their symptoms. These brand-name medications will often cost far more than alternatives than you would see in the future. Unfortunately, thereâ€™s nothing that can be done until the patent expires.
4. Your Insurance Isnâ€™t Covering Your Prescription Medication Costs
Despite the fact that we pay for insurance in order to help take care of medical costs, that doesnâ€™t mean that it necessarily will. If you have a high deductible, you may have to pay out-of-pocket for the prescriptions you need until your insurance will finally kick in and help you pay for your medications. Sometimes, your plan may not cover drug prices in the US at all for certain prescriptions. You may even have a plan that requires you to pay out of pocket expenses until you meet your maximum for the year. In this instance, US drug prices compared to other countries are so high because you have to pay them out-of-pocket without the assistance of insurance.
5. The Goal Is Often Profit, Not Public Good
Why are prescription drug costs rising rapidly? Simply put, because they can. Since Americans live in an unregulated, open market, pharmaceutical companies can charge as much as they want and patients either have to pay for their medications or go without them. As long as companies can charge the prices that they want to turn a profit and encourage investors to pour more money into these large corporations, customers and patients have to deal with the high drug prices in the US.
Is There a Solution?
Can you avoid paying high prices for essential meds that you need to manage your health? You can, and itâ€™s possible when you turn to Inhouse Pharmacy for help.
Inhouse Pharmacy is a reliable source of authentic medicines, having been in operation since 1996. All our medicines are sourced from trusted, licensed manufacturers and wholesalers, allowing us to provide you with accessible, authentic brand names and generic non-restricted medications at affordable prices.
Inhouse Pharmacy offers benefits like free shipping and free worldwide delivery, responsive customer service and registered pharmacists ready to answer your questions. We work to make quality medication more accessible and more affordable than drug prices in the US.
Ready to get started? Find the right prescription for your needs in our database or contact us with any of your questions by calling us at 877-271-6591 or 800-868-9064.