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Why Are Prescriptions Drugs Cheaper In Canada?
Quality healthcare is a top agenda in many states and one of the strategies used to improve healthcare is regulating the cost of drugs. States have laws and policies that govern the manufacture, sale, and pricing of prescription drugs. 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. 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. Canadians are not usually worried about accessing prescription drugs as they are available in the market at a significantly reduced price. Read on to learn the reasons behind the pricing difference.
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. The government has set up a board referred to as Patented Medicine Prices Review Board (PMPRB) that reviews the prices of all prescription drugs in the market and that is why you can get pet drugs at a cheaper price. The PMPRB also works together with all the pharmaceutical companies in Canada to make the prescription drug prices low. 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. 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. Price comparison is a method that US citizens have used to acquire prescription drugs at the best prices. If you live in the US, you should figure out prescription drug prices in Canada to avoid paying more than you should to your local chemist.
The healthcare systems put more focus on the consumers than the profit-making interests. In as much as pharmaceutical companies are profit-making organizations, the goal is to ensure that the consumers can access the prescription drug at an affordable price. Research shows that a majority of Canadians are ready to pay higher taxes to make healthcare cheaper. It, therefore, explains why pharmaceutical companies are usually willing to negotiate drug prices with the government. This article proves, that the government has played a huge role in ensuring that prescription drug prices are lower in Canada.