Why Are Prescriptions Drugs Cheaper 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. 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. 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. Living in a state when you cannot afford prescription drugs is a health risk and this is not usually an issue for Canadians as prescription drug prices are quite low. Keep reading this article to learn why prescription drug prices are significantly lower in Canada that neighbor states such as US.
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. 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.
PMPRB also forbids pharmaceutical companies to sell drugs that are deemed to be expensive for 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. With this, Canadians are not worried about being exploited by local drug manufacturers. This strategy has been adopted by US consumers to ensure that they acquire prescription drugs at the best prices. It is easy to check the prescription drug prices across the border before buying.
The Canadian healthcare system puts the health of the citizens before profits. Pharmaceutical companies are in the business to make profits but ensure that the drugs are available to the consumers. 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.