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Prescription Medication Price Hikes From Drug Makers



Bottle of prescription medicine-Prescription Medication Price Hikes From Drug Makers-ss-Featured

After significant price hikes from drug makers, more Americans than ever are looking to online Canadian pharmacies for more affordable and convenient access to prescription medication.

SURREY, BC, Jan. 28, 2021 /PRNewswire/ – The Trump administration worked to lower drug prices by signing four executive orders, which included one on importing medications from Canada. The newly sworn-in Biden administration seems to have plans to pick up where former President Donald Trump left off; while President Biden claims to have plans to reverse or overturn many policies enacted by the Trump administration, he also has promised to pursue a similar goal: lower drug prices.

Michelle Fay Cortez, Medical Science & Tech Reporter at Bloomberg, explains Biden's position this way: “Biden would seek to strengthen and cement the Affordable Care Act, expanding access to health insurance to even more Americans and helping them afford their medications. He has said he plans to address the high prices Americans pay for prescription drugs with proposals that include allowing the government's Medicare program to negotiate costs, letting patients import drugs from abroad and linking price hikes to inflation.”

The Ball is on the Biden Administration's Hands

The fate of many Americans wishing to pay less on medications is in the hands of the new administration.

Most Americans' attention is focused on battling the COVID-19 pandemic. Meanwhile, behind the headlines, drug makers have been raising their prices on brand-name prescription medications. One example: in January 2021 major pharmaceutical company Pfizer raised their list price on 193 different name-brand drugs; though the price increase was modest, it was an increase, nonetheless.

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Other major pharmaceutical companies AbbVie, Bristol Myers Squibb, and GlaxoSmithKline also raised their prices. Some price increases were also modest at around 1 percent or less. Meanwhile, others increased their prices even up to ten percent.

So far, patients can expect to see more than 500 prescription medications cost more this year. These include common drugs like Cosentyx, Ambien, Sabril, Humira, Lyrica, and Chantix. The pharmaceutical companies claim that price increases are required in order to continue to invest in the research and development needed for discovering and introducing new medications.

Price increases always hit the U.S. market in the first month of the year. However, January 2021 saw more price hikes in the first half of the month than in the entire month of January 2020. In fact, more price increases were recorded in the first two weeks of January 2021. This is compared to the all-time-high record month of the past decade, which was January 2018.

Prescription Medication Price Hikes Can Have Serious Consequences

Raising the price of medications such as the ones found on Canada Pharmacy Online has serious consequences. It also has potentially life-altering repercussions. The high cost of life-saving medications continues to be a top concern for American patients. This is especially true for those who may not be able to afford the level of care they need. In addition, price hikes add to the stress and burden of facing the pandemic. This comes especially for those in high-risk categories. These people rely on such medications to sustain them in their everyday lives.

The average patient may not understand the complicated regulations surrounding prescription drug pricing and importation. However, they are the ones who most likely directly feel the effects of any changes, whether that is the raising or lowering of prices on prescription drugs.

An expected result of the recent price hikes is that more Americans will seek alternative solutions to find the drugs they need at a price they can afford. One such source is to order from a Canadian online pharmacy. Many patients may find this to be a convenient alternative to paying regular visits to a brick-and-mortar pharmacy.

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Source: PRNewswire
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