The main reason as to why prescription drug prices are on the rise is because of the existence of monopoly rights given to researchers and manufacturers of those drugs by the government. It is as if these companies have been out there to make lots of profits through the society an issue that has been going on for 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. There are no control of the prices of medication by the government since the manufacturers have been given the rights to set their prices thuds taking advantage of the consumers. When there is competition, the prices keep on fluctuating since a firm knows that clients will go for the one whose prices are cheaper and affordable.
Research is expensive, and these companies invest in researchers to check if their drug is effective if it is new and sometimes that could take over a decade; therefore, they try to compensate by increasing the prices. When the market is small, the drugs are high for instance drugs made for cancer patients are used by a smaller group compared to diabetes. Patents given to these drug producers are long some lasting up to twenty years thus a new medication can end up being in the market for a long time without any competition.
When a drug maker markets their products directly to a client, there are charges incurred, and those are recovered by raising the prices of these drugs. In as much as insurance companies would want to negotiate for the drug prices to lower, they are on a fix and would be hard for them since the drug makers give them a take it or leave it option knowing there is no one else with the drug. It is possible for insurance companies to get cheaper prices sometimes and in other cases the manufacturers look for an alternative way to help individuals be in a position to pay for their medication.
If you want to get the medication at a lower cost, ensure there is an insurance company one is working with since they cater for most of the cost but also be ready to negotiate. 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. There is always an alternative and if one finds their drugs are expensive, ask the pharmacist if there are other drugs they can recommend you use provided they will not have negative impacts on you.