Reasons Why Prescription Drug Prices Are Low in Canada
Quality healthcare is a top agenda in many states and one of the strategies used to improve healthcare is regulating the cost of drugs. There are laws and guidelines that control the manufacture, sale, and prescription drug prices. In Canada, prescription drug prices are quite low as compared to the neighboring states such as the United States and most people do not understand how that has maintained a low pricing for the drugs. 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. The article herein will help you understand why prescription drug prices are low in Canada.
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. Through government subsidies, the pharmaceutical companies are capable of lowering the cost of production hence low pricing for prescription drugs.
PMPRB also forbids pharmaceutical companies to sell drugs that are deemed to be expensive for consumers. This policy has forced pharmaceutical companies to limit the prices of drugs to access the large market share in Canada. The board compares the prices of drugs in different states when setting the pricing limits in Canada and that explains why prescriptions drugs prices are the lowest across the globe. Canadians are therefore assured that they are paying the right amount for the prescriptions drugs. Price comparison is a method that US citizens have used to acquire prescription drugs at the best prices. If you live in the US, you should figure out prescription drug prices in Canada to avoid paying more than you should to your local chemist.
The entire healthcare system has the culture of putting the health of the citizens first. The goal of every pharmaceutical company is to make profits but this comes after ensuring that the citizens can access the drugs without price limitation. Research shows that a majority of Canadians are ready to pay higher taxes to make healthcare cheaper. From this, you understand why drug manufacturing companies are always ready to go on the table with the government to negotiate drug prices. From the above discussion, you now understand why prescription drug prices are lower in Canada.