Prescription Drug Revenues Cross Hundreds of Billions, US Citizens Pay Price
Prescription Drug Revenues Cross Hundreds of Billions, US Citizens Pay Price

Prescription Drug Revenues Cross Hundreds of Billions, US Citizens Pay Price

  • 22-Feb-2023 3:40 PM
  • Journalist: Timothy Greene

Let's start by asking whether the pharmaceutical sector in the US is entirely non-functional or if it is the opposite. About four in ten adults in the US report delaying or eschewing medical care in the previous year Due to the high cost of healthcare in the country. Indeed, it works really well for pharmaceutical corporations, whose owners and executives rake in vast sums of money thanks to tax reductions and government subsidies. However, what about individuals requiring prescription pharmaceuticals, particularly those with minimal resources who must purchase pricey meds to survive? It is certainly not working well for them.   

Americans are suffering due to their struggle to purchase the prescription drugs they so sorely need. Due to the cost of their medications, 11% and 15% of Americans in recent years either rationed their supply or stopped taking them altogether because they could not afford to take them as recommended. Amoxicillin, Lisinopril, Metformin, Amlodipine, Metoprolol, Omeprazole, Losartan, and Azithromycin are only a few of the most often used medications.

High and rising brand-name medicine prices, a lack of competition brought on by the American patent system, the use and expense of specialty drugs, and a lack of price transparency are some of the causes contributing to this scenario in the US. Rationing such medications in such a damaging way just worsen future problems. Increasingly people are suffering from conditions like heart attacks and other problems that may have been avoided if they had access to inexpensive medication earlier on—and for less money than it would cost to treat a heart attack once it has already occurred. Drugs that are too expensive result in a healthcare system that is reactive rather than proactive. It results in lower health outcomes and raises overall expenses.

According to a medical specialist who spoke to The New York Times, "The idea that the treatment you offer could bankrupt somebody and harm an entire family is awful." Every American spends more than $1,200 on prescription medications annually on an individual level, which is enough to provide food for an average American for approximately four months.

"The incredibly high prices of prescription drugs is a substantial contributor to medical debt," the Center for American Progress (CAP) said. Additionally, it is a disgrace to the country that so many of our citizens have been forced to travel to Mexico or Canada, where medicine costs so much lower. The corporations, a viable oligopoly with few significant rivals despite patent expiration, have allegedly been free to hike prices whenever they like.

The way consumers do with other businesses, i.e., by purchasing less of a product or none at all, pharmaceutical corporations cannot be forced to lower costs. Prescription medicine costs can only be brought under control if the government stands up for consumers.

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