Why Are Prescriptions Drugs 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. There are laws and guidelines that 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. 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. One of the strategies that the government has employed to ensure that the companies do not overprice the drugs is offering subsidies.
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. This way, Canadians are not worried about exploitation by the local pharmaceutical companies. Price comparison is a method that US citizens have used to acquire prescription drugs at the best prices. It is easy to check the prescription drug prices across the border before buying.
The healthcare systems put more focus on the consumers than the profit-making interests. 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. 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.