In the United States prescription drug prices are high since the government sort of gives researchers and manufacturers monopoly rights. It seems like firms have been getting away with this for years and benefiting by making massive profits throughout the years. 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.
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. 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.
The production and development of any drug is expensive since there are researchers involved whose charges are high thus the drug producers try to compensate their expenses by setting high prices. 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. When a firm gets a patent right of twenty years, that is a long time as compared to the way things work in other countries, and it is enough time for them to exploit the consumers.
Manufacturers have the right to sell these drugs to their clients directly thus, any marketing costs incurred are compensated by the rise in buying. 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. However, the good part is that insurance companies try to get the best for their clients but also manufacturers try to offer coupons so that one does not use a lot of money from their pocket.
Negotiations can work in some pharmacies and if one gets lucky enough the company will accept to give them at a lower price. An insurance company is a long-term goal therefore take your time before picking a company but make sure it covers the drugs you need to avoid any issues later since it is the best option to cater for your medication. 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.