Reasons Why Prescription Drug Prices Are Low in Canada
Most governments consider healthcare an important national and agenda and improve the state of healthcare by regulating the prices of prescription drugs. States have laws and policies that govern the manufacture, sale, and pricing of prescription drugs. Canada is one of the states in the world that have managed to control prescription drug prices and most people do not understand why so. 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. Canadians are not usually worried about accessing prescription drugs as they are available in the market at a significantly reduced price. Keep reading this article to learn why prescription drug prices are significantly lower in Canada that neighbor states such as US.
One of the things that have contributed to the low pricing of prescription drugs in Canada are the strong policies and laws that monitor the pricing of drugs. 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. Working together with the pharmaceutical companies, the board has managed to ensure that prescription drugs are available at affordable prices. Through subsidizing the cost of manufacture for the pharmaceutical companies, the prescription drugs prices have remained low.
PMPRB also forbids pharmaceutical companies to sell drugs that are deemed to be expensive for consumers. Since Canada has a large market for prescription drugs, the companies are forced to comply to avoid getting out of business. 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. Canadians are therefore assured that they are paying the right amount for the prescriptions drugs. 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 entire healthcare system has the culture of putting the health of the citizens first. 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. From this, you understand why drug manufacturing companies are always ready to go on the table with the government to negotiate drug prices. The above-discussed reasons explain why prescription drug prices are quite low in Canada than other states.
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