Quality healthcare is a top agenda in many states and one of the strategies used to improve healthcare is regulating the cost of drugs. All states have laws and policies that are meant to control the manufacture, sale, and prescription drug prices. 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. Read on to learn the reasons behind the pricing difference.
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. 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 PMPRB also works together with all the pharmaceutical companies in Canada to make the prescription drug prices low. 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. 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 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. 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. This article proves, that the government has played a huge role in ensuring that prescription drug prices are lower in Canada.