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. 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. In as much as the cost of manufacture of drugs in the neighboring states are almost the same, Canadians enjoy low prescription drug prices. 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. 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. One of the strategies that the government has employed to ensure that the companies do not overprice the drugs is offering subsidies.
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. Since Canada has a large market for prescription drugs, the companies are forced to comply to avoid getting out of business. To ensure that the pricing is reasonable, the board compares the prices of different drugs in many states across the globe. With this, Canadians are not worried about being exploited by local drug manufacturers. Price comparison is a method that US citizens have used to 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. 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. Statistics show that Canadians are usually willing to pay more taxes for universal healthcare to be achieved. This explains why pharmaceutical companies are comfortable negotiating with the state to ensure that prescription drug prices are low. From the above discussion, you now understand why prescription drug prices are lower in Canada.
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