Reasons Why Prescription Drug Prices Are Low in Canada
In many states, you will realize that quality healthcare is a top priority and that explains the policies that are enacted to lower prescription drug prices. States have laws and policies that govern the manufacture, sale, and pricing of prescription drugs. Canada boasts for low pricing of prescription drugs and most people do not understand the huge difference with the neighboring states. It is surprising to learn the cost of drug manufacture in more or less the same in all the states but when it comes to prescription drug prices, you will enjoy a huge financial reprieve in Canada. Living in a state when you cannot afford prescription drugs is a health risk and this is not usually an issue for Canadians as prescription drug prices are quite low. Read on to learn the reasons behind the pricing difference.
One of the things that have contributed to the low pricing of prescription drugs in Canada are the strong policies and laws that monitor the pricing of drugs. Patented Medicine Prices Review Board (PMPRB) has the mandate to review the prices of prescription drugs and that explains why pet drugs are affordable to Canadians. The board liaises with all the drug manufacturing companies across Canada to ensure that the drugs are affordable. One of the strategies that the government has employed to ensure that the companies do not overprice the drugs is offering subsidies.
One of the strong regulations that the PMPRB has put in place is that pharmaceutical companies are not allowed to enjoy the market if the drugs are unaffordable to the consumers. This policy has forced pharmaceutical companies to limit the prices of drugs to access the large market share in Canada. Researching the prices of the same drugs in different states has helped the board establish the right prices of prescription drugs. With this, Canadians are not worried about being exploited by local drug manufacturers. Price comparison is a method that US citizens have used to acquire prescription drugs at the best prices. As a US citizen, you should find out prescription drug price across the border.
The healthcare systems put more focus on the consumers than the profit-making interests. Pharmaceutical companies are in the business to make profits but ensure that the drugs are available to the consumers. Research shows that a majority of Canadians are ready to pay higher taxes to make healthcare cheaper. It, therefore, explains why pharmaceutical companies are usually willing to negotiate drug prices with the government. This article proves, that the government has played a huge role in ensuring that prescription drug prices are lower in Canada.