Essential Need for Regulatory Enforcement on Pharmaceutical Products’ Prices
These services are jointly used and administered alongside medical professional expertise services. They use extensive technology to discover, develop, produce as well as market these drugs. 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. This is because it is generally expensive to identify, develop as well produce and test new drugs. 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.
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.
Different factors are weighed but the main one is clinical value involved. These diseases can affect anyone but only those with monetary resources are better placed to get medication. 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.
As usual, pharmaceutical companies justify the cost of these drugs as necessary to support and develop innovative treatments. An estimated overall cost for developing a new drug is roughly $2.6 billion. Drugs may have different prices; one from the manufacturer and one that the ultimate consumer pays. It is evident that none of these people pay the list price which is the one written down by manufacturers.
After the specific drugs get to the ultimate consumer, the reimbursements are then made by the insurer. A customer is frequently regarded to as the king as he or she determines what he or she wants. The decision on pricing ,quantity too be administered is solely vested on the physicists.
With all these factors illustrating the essence of high pharmaceutical prices, it is important for the bodies involved in price regulation to diligently follow up and make sure that the common man receives better terms of drug acquisition. 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.
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