Essential Need for Regulatory Enforcement on Pharmaceutical Products’ Prices
Pharmaceutical drugs are one of the major health care services that a normal human being requires. 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. 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. 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.
This money could have been other wisely spent in other forums to research and develop new products. They are a necessity that every human being at one point will need.
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Determining the price of a new drug involves both science and art. The haves and have-nots are again divided by this. This results to a high number of prescriptions written as well as a high cost of drugs prescribed. Billions of money are yearly pumped by the government on health care services as well pharmaceutical drugs.
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If we surely want cures for these devastating and killer diseases then we have to pay for them. 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 . Reimbursement on the other hand is the money that the insurer pays for the drug.
In other cases, physicians purchase the drugs through an intermediary or a wholesaler. The physicians make the decisions and the insurer pays since most of the people have embraced medical insurance services. The decision on pricing ,quantity too be administered is solely vested on the physicists.
Elevated drug prices continue to thrive and the demand for price regulation on these drugs continue to rise too. 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.