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Why Pharmaceutical Prices Keep Inflating
These services are jointly used and administered alongside medical professional expertise services. These drugs are intended to help facilitate treat different medical conditions affecting humankind as well as some for animals. They are important people in the society. Preventive drugs are used to protect against diseases while curative are used to treat certain medical conditions.
Pharmaceutical prices are regulated worldwide but the price violation still continues in most cities. We have known pharmaceutical products to be expensive. The efforts too are significantly massive from the pharmaceutical’s side. The cost of clinical trials often uses millions of money to test a single drug.
This money could have been other wisely spent in other forums to research and develop new products. With all these processes involved, it is not surprising that these companies want to charge a high price for specific drugs.
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The factors considered are many but there is no mathematical formula involved anywhere. These diseases can affect anyone but only those with monetary resources are better placed to get medication. This results to a high number of prescriptions written as well as a high cost of drugs prescribed. The commoners demand and require that the price of health care services be affordable to enable save lives.
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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. Whether the insurer is private or public, he or she either pays; the pharmacist directly, the manufacturer or an intermediary depending on the type of drug.
In other cases, physicians purchase the drugs through an intermediary or a wholesaler. This is however not the case with pharmaceutical products as a customer is rarely involved in the decision making process. This however does not work in cases of the persons who have insurance plans with high deductible on prescription drugs or no insurance coverage at all.
Residents need a fair dealing when it comes to medical and pharmaceutical services. We are vulnerably placed with everything ranging from food to machinery posing health threats to us. These are commodities that are essential for a healthy living since nobody can rise and say that they are one hundred percent (100%) healthy. The pharmacists and physicists mainly increase charges because it is quite a free market. It is evident that by controlling the prices, more patients will be able to save money as well as afford quality health care services.