Staying healthy is very important, but it is an uphill battle for many people. Most people do their best to keep themselves healthy, but numerous people need prescription medications to help them combat various illnesses, diseases, disorders and more. Since so many individuals require prescription medications, it’s important to get quality medication at a price that you can afford. However, high prescription drug prices in the United States are putting a terrible strain on the lives of those with a need for medications.
The Strain of High Prices
Why are Prescription Drugs Cheaper in Canada?
Depending on the drug, you could save hundreds of dollars on your medications by buying them in Canada. This is a big help to people who desperately need prescription medications but can’t afford the high prices being demanded in the United States. However, why are prescription drugs cheaper in Canada in the first place?
The government is responsible for putting caps on how much the pharmaceutical industry can charge for certain drugs in Canada. They carefully determine the price caps for the drugs based on the price of creation, distribution and more. However, the United States doesn’t regulate the prices for the pharmaceutical companies. The companies that make the drugs can set any price that they want for their medications. Since Canada’s government regulates their prescription drug prices, the prices are able to stay much lower than in the United States.
In all of the Canadian provinces, drug formularies are put on certain medications. This allows the government to negotiate with pharmaceutical companies to lower their prices on certain medications in order to get that medication added to the formulary.
Lawsuits are anything but rare in the United States. Not only are they common, but the liability costs and awards for lawsuits are incredibly high. This creates a vicious circle in the United States. Many people tend to sue in the United States, especially when it comes to drug companies and the health care industry. Since drug companies, health care providers, doctors and more tend to repeatedly get sued in the United States, they need to increase their prices in order to make up for the loss. Lawsuits aren’t nearly as common in Canada as they are in the United States. Since the lawsuit rate is lower and awards given during lawsuits are also lower, Canada can have much lower liability costs. Since there isn’t as much financial loss due to lawsuits in Canada, they’re able to keep the prices on their medications down.
Standard of Living
One of the biggest factors involved with the price gap between the United States and Canada is simply that the United States can afford to charge more for their medications due to the difference in standard of living. The average standard of living in Canada is reportedly 20% to 30% lower than the average is in the United States. There’s no point in making prescription drug costs higher if the consumers can’t afford it. In fact, that may actually hurt drug companies and health care providers because they’d lose a lot of money in sales due to people being unable to afford their medications.
Prescription medications are a vital part of the lives of many people. Not being able to afford medication can be devastating to a person’s life. Being able to get cheaper medications in Canada is great thing, but it’s a good idea to ensure that you get the best price that you possibly can. By using ePharmacies.com, you can find the best prices from reputable online pharmacies in Canada. It is a free and useful service that can lead you in the right direction to lower costs and better health.