Essential Need for Regulatory Enforcement on Pharmaceutical Products’ Prices
Pharmaceutical drugs are one of the major health care services that a normal human being requires. These drugs are manufactured by pharmaceutical companies which may deal with generic or brand medications as well as medical services and machines. Pharmacists determine the amounts to be used for various conditions as well as the duration that one is supposed to use them. Preventive drugs are used to protect against diseases while curative are used to treat certain medical conditions.
The prices frequently increase after they are already in the market hence by far exceeding the rate of inflation. The only issue is that the price of the same medication increases gradually over a short time period Evidently, the federal governments fund this process but the pharmaceutical companies pocket out a lot of money too. The efforts of testing a drug with no guarantee that it will work.
Marketing these drugs is also not a walk in the park hence these adds up to the increasing prices of drugs on an everyday basis. They are a necessity that every human being at one point will need.
Different factors are weighed but the main one is clinical value involved. These diseases can affect anyone but only those with monetary resources are better placed to get medication. The government spends more health care more than in any other sector of the economy. The commoners demand and require that the price of health care services be affordable to enable save lives.
These treatments go a long way in treating strong medical conditions affecting people of all walks of life for example cancers. An estimated overall cost for developing a new drug is roughly $2.6 billion. Pricing and reimbursement of time and efforts two different terms but entwined to each other. From the manufacturer physicians get the drugs at heavily discounted price.
After the specific drugs get to the ultimate consumer, the reimbursements are then made by the insurer. This is however not the case with pharmaceutical products as a customer is rarely involved in the decision making process. The decision on pricing ,quantity too be administered is solely vested on the physicists.
With all these factors illustrating the essence of high pharmaceutical prices, it is important for the bodies involved in price regulation to diligently follow up and make sure that the common man receives better terms of drug acquisition. We are vulnerably placed with everything ranging from food to machinery posing health threats to us. This will go a long way in steadying the prices largely. Again, everything is contaminated ranging from the air that we breathe all the way to the health risk that comes with the machines that we operate. It is evident that by controlling the prices, more patients will be able to save money as well as afford quality health care services.
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