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. All states have laws and policies that are meant to 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. What is shocking is that the cost of manufacture of the prescription drugs is usually the same, but for Canadians getting the drugs is less costly. Canadians are not usually worried about accessing prescription drugs as they are available in the market at a significantly reduced price. The article herein will help you understand why prescription drug prices are low in Canada.
The low-pricing of prescription drugs in Canada is contributed by the strong regulations and policies that are in place to limit 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 PMPRB also works together with all the pharmaceutical companies in Canada to make the prescription drug prices low. Through government subsidies, the pharmaceutical companies are capable of lowering the cost of production hence low pricing for prescription drugs.
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. This policy has forced pharmaceutical companies to limit the prices of drugs to access the large market share in Canada. To ensure that the pricing is reasonable, the board compares the prices of different drugs in many states across the globe. With this, Canadians are not worried about being exploited by local drug manufacturers. This strategy has been adopted by US consumers to ensure that they acquire prescription drugs at the best prices. It is easy to check the prescription drug prices across the border before buying.
The Canadian healthcare system puts the health of the citizens before profits. In as much as pharmaceutical companies are profit-making organizations, the goal is to ensure that the consumers can access the prescription drug at an affordable price. Statistics show that Canadians are usually willing to pay more taxes for universal healthcare to be achieved. It, therefore, explains why pharmaceutical companies are usually willing to negotiate drug prices with the government. This article proves, that the government has played a huge role in ensuring that prescription drug prices are lower in Canada.