Essential Need for Regulatory Enforcement on Pharmaceutical Products’ Prices
Pharmaceutical drugs are one of the major health care services that a normal human being requires. These drugs are intended to help facilitate treat different medical conditions affecting humankind as well as some for animals. They are important people in the society. These drugs may be curative, preventive, rehabilitative as well as palliative drugs.
The prices frequently increase after they are already in the market hence by far exceeding the rate of inflation. This is because it is generally expensive to identify, develop as well produce and test new drugs. Evidently, the federal governments fund this process but the pharmaceutical companies pocket out a lot of money too. When the test process goes through, these companies pump time and money once more to license and jump the regulatory hurdles in the Pharmaceutical industry.
This money could have been other wisely spent in other forums to research and develop new products. They are a necessity that every human being at one point will need.
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Determining the price of a new drug involves both science and art. The haves and have-nots are again divided by this. This results to a high number of prescriptions written as well as a high cost of drugs prescribed. Billions of money are yearly pumped by the government on health care services as well pharmaceutical drugs.
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There is no way out; they are in business and we are in need. An estimated overall cost for developing a new drug is roughly $2.6 billion. Drugs may have different prices; one from the manufacturer and one that the ultimate consumer pays. From the manufacturer physicians get the drugs at heavily discounted price.
In other cases, physicians purchase the drugs through an intermediary or a wholesaler. A customer is frequently regarded to as the king as he or she determines what he or she wants. The decision on pricing ,quantity too be administered is solely vested on the physicists.
Residents need a fair dealing when it comes to medical and pharmaceutical services. It is therefore important for the bodies with the role of regulating these prices to assist so as to favor everyone. This will go a long way in steadying the prices largely. Highly stringent regulated laws should be employed so as to curb this inflation issue. It is evident that by controlling the prices, more patients will be able to save money as well as afford quality health care services.