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. All states have laws and policies that are meant to 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. 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. Keep reading this article to learn why prescription drug prices are significantly lower in Canada that neighbor states such as US.
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. 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. 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 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. 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. As a US citizen, you should find out prescription drug price across the border.
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. Statistics show that Canadians are usually willing to pay more taxes for universal healthcare to be achieved. 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.