Understanding Why Prescription Drugs Are Cheaper 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. 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.
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. The government has set up a board referred to as Patented Medicine Prices Review Board (PMPRB) that reviews the prices of all prescription drugs in the market and that is why you can get pet drugs at a cheaper price. 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.
One of the strong regulations that the PMPRB has put in place is that pharmaceutical companies are not allowed to enjoy the market if the drugs are unaffordable to the consumers. This is a big threat that forces the pharmaceutical companies to lower the prices of prescription to enjoy 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. In the US, the citizens check the prices of prescriptions drugs using prices checkers before buying. As a US citizen, you should find out prescription drug price across the border.
The Canadian healthcare system puts the health of the citizens before profits. Pharmaceutical companies are in the business to make profits but ensure that the drugs are available to the consumers. According to statistics, Canadians are ready to pay more as taxes to ensure that universal healthcare is implemented by the state. It, therefore, explains why pharmaceutical companies are usually willing to negotiate drug prices with the government. The above-discussed reasons explain why prescription drug prices are quite low in Canada than other states.