Reasons Why Prescription Drug Prices Are Low 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 boasts for low pricing of prescription drugs and most people do not understand the huge difference with the neighboring states. 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. Keep reading this article to learn why prescription drug prices are significantly lower in Canada that neighbor states such as US.
The low-pricing of prescription drugs in Canada is contributed by the strong regulations and policies that are in place to limit the pricing of drugs. 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 board liaises with all the drug manufacturing companies across Canada to ensure that the drugs are affordable. 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 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. 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 healthcare systems put more focus on the consumers than the profit-making interests. Pharmaceutical companies are in the business to make profits but ensure that the drugs are available to the consumers. According to statistics, Canadians are ready to pay more as taxes to ensure that universal healthcare is implemented by the state. 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.