Understanding Why Prescription Drugs Are Cheaper In Canada
Most governments consider healthcare an important national and agenda and improve the state of healthcare by regulating the prices of prescription drugs. All states have laws and policies that are meant to control the manufacture, sale, and prescription drug prices. Canada boasts for low pricing of prescription drugs and most people do not understand the huge difference with the neighboring states. In as much as the cost of manufacture of drugs in the neighboring states are almost the same, Canadians enjoy low prescription drug prices. 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. Keep reading this article to learn why prescription drug prices are significantly lower in Canada that neighbor states such as US.
The first reason why prescription drug prices are low in Canada is that the government has strict regulations and policies that limit the prices of drugs released to the market. Through the Patented Medicine Prices Review Board, the state can review the prices of different prescription drugs released in the market including those meant for pets. The PMPRB also works together with all the pharmaceutical companies in Canada to make the prescription drug prices low. One of the strategies that the government has employed to ensure that the companies do not overprice the drugs is offering subsidies.
The other way through which the board ensures that the prices of drugs are reasonable is preventing pharmaceutical companies to sell expensive drugs to consumers. Since Canada has a large market for prescription drugs, the companies are forced to comply to avoid getting out of business. To ensure that the pricing is reasonable, the board compares the prices of different drugs in many states across the globe. This way, Canadians are not worried about exploitation by the local pharmaceutical companies. This strategy has been adopted by US consumers to ensure that they 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. Statistics show that Canadians are usually willing to pay more taxes for universal healthcare to be achieved. This explains why pharmaceutical companies are comfortable negotiating with the state to ensure that prescription drug prices are low. From the above discussion, you now understand why prescription drug prices are lower in Canada.