Prescription Drug Spending Research Paper

Today, Canada is the only industrialized nation without a national pharmacare plan (“Campaign for a National Drug Plan” 1). Currently, each province has its own pharmacare plan and this creates differences in medication prices across the nation. Price depends on drug efficacy, how commonly the drug is used, and to what extent the provincial government decides to subsidize the drug. Overall, drug coverage in Canada depends on a person’s age, income, and the province they live in. Today, one in ten Canadians cannot afford the medications that their doctors prescribe (“Pharmacare 2020” 2). Their lack of

The prices of prescription drugs in the United States are by far the highest in the world. [1] On average, Europeans pay 40% less than Americans for the same medications. [2] Consumers have been resorting to several ways, sometimes putting themselves in harm’s way, to alleviate the burden of high prescription drug costs. Some buy their medications online or cross the borders to neighboring countries so they would be able to afford buying their needed medications. Others have resorted to the illegal act of selling their unused medications in online forums just to recover part of their expenses. Many factors contribute to the increased drug prices in the United States including research and

Canada’s system is another great example of the affordability of UHC. According to the World Health Organization, check-ups, medications and surgeries are thirty to sixty percent cheaper in Canada than in the U.S. (Merino 132). Why? Well, Diane Francis, author of the National Post article “LBJ Invented Canada’s Superior Health System”, offers one explanation. Francis argues that in Canada drugs are cheaper because Canadian provinces buy the drugs in bulk through a centralized system, unlike the U.S., which makes the government programs Medicare and Medicaid buy from different sources (Merino 132). Because of the monopoly the Canadian government has on the pharmaceutical industry, the price of drugs can be manipulated by the government, making

The rise in costs of prescription medicines affects all sectors of the health care industry, including private insurers, public programs, and patients. Spending on prescription drugs continues to be an important health care concern, particularly in light of rising pharmaceutical costs, the aging population, and increased use of costly specialty drugs. In recent history, increases in prescription drug costs have outpaced other categories of health care spending, rising rapidly throughout the latter half of the 1990s and early 2000s. (Kaiseredu.org, 2012).

Prescription drug prices rose three times faster than inflation in the decade between 1981 and 1991, making the pharmaceutical industry the nation's most profitable business. Prescription drugs even exceeded the rapidly rising inflation rate for all other medical services. They now represent at least 10% of all the medical

In this essay, federal drug policy, and its correlation with the shortage of drugs in Canada, will be considered. In particular, the disruption of drug supply will be discussed, with a specific focus on drug supply within the province of Ontario. A discussion will ensue surrounding drug pricing and policy, and the ways in which these frameworks can ultimately serve to affect the efficacy of medical treatment and the safety of patients. In addition, the paper will focus on the accountability of multiple stakeholders, at both the federal and provincial levels, in terms of supplying medically necessary drugs to Canadians. This analysis will encompass the dominant role played by pharmaceutical actors in Canada. Finally, conclusion will be drawn which take account of existing federal and provincial programs that aim to address drug shortages and the recommendations on comprehensive and appropriate drug funding.

Prescription drug prices are on the rise in the United States. Currently, the United States does not implement a price control on prescription drugs. Every day the supply and demand for prescription drugs fluctuates. Pharmaceutical companies produce drugs that are necessary for survival. Therefore, it is necessary for research and development to continue in the United States. Those suffering the effects of exorbitant prices must do so until a generic form of a prescription drug is produced. Once approved by the FDA, new drugs will make their appearance on the market and patients will no longer suffer financially. Until then, it is necessary for pharmaceutical companies to price their drugs based on the idea of supply and demand. This produces the profit used to fund research. Price controls discourage innovation. If a price control were set in place, of course the price of prescription drugs would decrease. However, the development of new drugs decreases with it. Today’s generation would benefit from lower prices, while future generations would suffer from the loss of drug innovation.

In conclusion, there have been economic and political factors that have contributed to national, and international levels which resulted in pressure in the private and public healthcare system. Pharmaceutical companies intend for financial gain for the shareholders and developers to create the largest markets in the industry. Developers promote expensive drugs to shareholders and industries to increase profit. The cost of prescription has stabilized the types of drugs that would increase. Pharmaceutical industry collaborates with doctors to promote their medicines and prescribe their patients. However, there have been several factors affecting drug expenditures in Canada.

The item is unlawful medications. The individuals who bargain these medications are Culprits. That is the thing that makes the medication business diverse then whatever other. Alcohol is a medication, yet grown-ups are permitted to utilize liquor items. Nicotine is a medication, yet grown-ups are permitted to utilize a wide range of structures of tobacco items, all which have tobacco in them. The drug Caffeine can be found in numerous ordinary things, similar to pop confection bars. Consider what number of cops we would require if caffeine items were illicit.

In Canada, drug spending is considered to be the second largest spending category of healthcare ("Protecting Canadians from Excessive Drug Prices", 2017). Ever since Medicare was established in Canada, health expensive has increased to about 16% ("Protecting Canadians from Excessive Drug Prices", 2017). Canada is found to pay way more on prescription drugs than compared to other developed countries ("Protecting Canadians from Excessive Drug Prices", 2017). Not only does the high expense affect the consumer, but it also limits the access to creating new medicines as well as having less resource in other areas in the healthcare field ("Protecting Canadians from Excessive Drug Prices", 2017). As of January 2016, the provincial, federal, and territorial ministers have planned to work together in order to improve the accessibility, affordability, and

Canada’s health care system “can be described as a publicly-funded, privately-provided, universal, comprehensive, affordable, single-payer, provincially administered national health care system” (Bernard, 1992, p.103). Health care in Canada is provincial responsibility, with the Canada Health act being a federal legislation (Bernard, 1992, p. 102). Federal budget cuts, has caused various problems within Medicare such as increased waiting times and lack of new technology. Another problem with Medicare is that The Canada Heath Act does not cover expenditures for prescriptions drugs. All these issue has caused individuals to suggest making Medicare privatized. Although, Canada’s health care system consists of shortcomings, our universal

Tens of thousands of Americans are now spending more than $100,000 a year on prescription drugs. So they’re paying somewhere around $1,000 per pill. All across this country people are dying from illnesses that can be treated, only because their medicine is too expensive for them to afford. The cost of prescription drugs should and can be lowered. Just think about all the families that are in debt or have lost a loved one because of overpriced prescription drugs. These major health companies have no concern for the well being of others, they don’t care if people are dying because they can’t afford it. All they care about is making a profit and as long as they get it, they’re satisfied.

A substantial piece of the U.S market in the health sector is run by the prescription drugs and, therefore, making the U.S the global largest market of pharmaceuticals accounting for more than a third of the world’s expenditure on drugs. It is estimated that in 2014 slightly over $300 billion were spent on prescription drugs which accounts for roughly 10 cents of every dollar in the U.S healthcare market. The U.S expenditure on prescription drugs has been growing at an annual rate of 11% for the last 27 years between 1980 and 2007. But the expenditure has slowed between 2008 and 2013 to about 2% annual average which has been occasioned by several reasons including the 2008 financial quagmire which was also responsible for the reduction in the overall U.S health care costs, the application of controls towards insurer drug utilization and also the production of a less amount of new blockbuster drugs within that period (Institute for Healthcare Informatics, 2014)..

Prescription drugs all around are very expensive, but without out them some of us would not be able to say we are alive. We can still see the price of these prescription drugs go through the roof as we speak. Although most of low-income workers can barely afford medicine and drugs, one way or another, we make it work because without it we would be dead. Although having insurance covers a lot of our medical health expenses, such as medical bills, prescription bills, hospital bills and things of this nature. As the cost of prescriptions keep going up, sometimes our insurance companies cannot cover the cost because they have hit their Cap of money able to spend. Some insurance companies have Cap for a person or a cap for a whole family it can be yearly or annually it just depends on the “deal” you worked out with your insurance provider. Most families, like my own make due to cover the cost of having insurance, yet we have to still be able to cover what remains of the prescription cost if we want to live. Money sometimes is very tight and meeting these necessary financial situations get tough.

Canada's provincial governments are actively regulating generic drug prices to protect consumer welfare and ease fiscal burden. The country's taxpayer-funded health care system benefits from generic drugs because these medications cost lower than