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. 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. 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. 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. Read on to learn the reasons behind the pricing difference.
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. 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 government subsidies, the pharmaceutical companies are capable of lowering the cost of production hence low pricing for prescription drugs.
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 policy has forced pharmaceutical companies to limit the prices of drugs to access the large market share in Canada. 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. 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 Canadian healthcare system puts the health of the citizens before profits. 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. Research shows that a majority of Canadians are ready to pay higher taxes to make healthcare cheaper. 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.