Essential Need for Regulatory Enforcement on Pharmaceutical Products’ Prices
They are as important as oxygen is to us. These drugs are manufactured by pharmaceutical companies which may deal with generic or brand medications as well as medical services and machines. They are important people in the society. These drugs may be curative, preventive, rehabilitative as well as palliative drugs.
Pharmaceutical prices are regulated worldwide but the price violation still continues in most cities. 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. When the test process goes through, these companies pump time and money once more to license and jump the regulatory hurdles in the Pharmaceutical industry.
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. 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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Different factors are weighed but the main one is clinical value involved. The cost of healthcare drugs has been steadily rising especially for palliative care. Prescription drugs take up most of the money allocated for in the health sector. Vows to lower drug prices by government leaders have been made but there has not been any concrete approaches for doing so.
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There is no way out; they are in business and we are in need. An estimated overall cost for developing a new drug is roughly $2.6 billion. These two prices differ since the processes in the middle must be paid for whereby the final consumer is the one who pays . 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.
These intermediaries and wholesalers in turn get the drugs distributors licensed by the manufacturing companies. 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.
Residents need a fair dealing when it comes to medical and pharmaceutical services. We are not disregarding the fact that this is business oriented but we are pushing and advocating for humane attributes to be applied. These are commodities that are essential for a healthy living since nobody can rise and say that they are one hundred percent (100%) healthy. 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.