It is outrageous how expensive prescription drugs cost. It makes one wonder why? Drug companies argue that the high prices reflect the costs of the years of research and development necessary before a new drug makes it to the market. It costs an average of eight-hundred- million and takes twelve to fifteen years before a new medicine makes it to drug store shelves. Research was conducted by Tufts University Center for the study of Drug Development, which found that the total costs of R&D to bring a new drug from discovery to FDA approval for marketing is eight-hundred-two-million.
Although prescription drugs account for only ten percent of Americas health care costs, spending on these drugs has been rising far more rapidly than other health care components. Much of this increase is due not to price increases, but to a higher rate of drug use. As more people live longer and as more beneficial medicines are developed particularly for chronic conditions like AIDS and asthma prescription drugs have become a larger and larger part of the health care system. Also drug spending is rising because the companies are raising prices to increase profits, and spending more on advertising and marketing expensive brand name drugs to doctors and patients.
Prescription drug cost also vary among households. This is so because for a family or individual whom may be low income or elderly. For some elderly insurance companies such as AARP can be of assistance and can cut down the cost of certain drugs. Then there are HMOs and PPOs which are also great for working individuals and there families.
Furthermore there are unanswered questions such as why don`t HMOs and PPOs cover one-hundred percent of the medication cost? Also what will it take to get the medication cost lowered and how long could it possibly take? Why dosent the government put restrictions on how much drug companies are allowed to raise prices?
Although prescription drugs account for only ten percent of Americas health care costs, spending on these drugs has been rising far more rapidly than other health care components. Much of this increase is due not to price increases, but to a higher rate of drug use. As more people live longer and as more beneficial medicines are developed particularly for chronic conditions like AIDS and asthma prescription drugs have become a larger and larger part of the health care system. Also drug spending is rising because the companies are raising prices to increase profits, and spending more on advertising and marketing expensive brand name drugs to doctors and patients.
Prescription drug cost also vary among households. This is so because for a family or individual whom may be low income or elderly. For some elderly insurance companies such as AARP can be of assistance and can cut down the cost of certain drugs. Then there are HMOs and PPOs which are also great for working individuals and there families.
Furthermore there are unanswered questions such as why don`t HMOs and PPOs cover one-hundred percent of the medication cost? Also what will it take to get the medication cost lowered and how long could it possibly take? Why dosent the government put restrictions on how much drug companies are allowed to raise prices?
wow!!! this is so nice. your blog looks reaaly interseting to read cant wait til its done.
ReplyDeleteShanell, you raise some important questions here. Who should be ultimately responsible for bringing down health care costs? To what extent should our government ensure affordable health care, and to what extent should the individual HMOs and PPOs be resonsible for providing affordable health care? Who should hold them accountable?
ReplyDeleteYou have tons of well-researched information here. Please provide a link to your source(s).