Reasons Why Prescription Drug Prices Are Low in Canada
In many states, you will realize that quality healthcare is a top priority and that explains the policies that are enacted to lower prescription drug prices. 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. 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. No one wishes to live in a state where they cannot afford prescription drug prices and the best choice of state for you is Canada. The article herein will help you understand why prescription drug prices are low in Canada.
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. Through the Patented Medicine Prices Review Board, the state can review the prices of different prescription drugs released in the market including those meant for pets. 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 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. Canadians are therefore assured that they are paying the right amount for the prescriptions drugs. This strategy has been adopted by US consumers to ensure that they acquire prescription drugs at the best prices. As a US citizen, you should find out prescription drug price across the border.
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. According to statistics, Canadians are ready to pay more as taxes to ensure that universal healthcare is implemented by the state. This explains why pharmaceutical companies are comfortable negotiating with the state to ensure that prescription drug prices are low. From the above discussion, you now understand why prescription drug prices are lower in Canada.