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. 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. 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 PMPRB also works together with all the pharmaceutical companies in Canada to make the prescription drug prices low. Through government subsidies, the pharmaceutical companies are capable of lowering the cost of production hence low pricing for prescription drugs.
The other way through which the board ensures that the prices of drugs are reasonable is preventing pharmaceutical companies to sell expensive drugs to 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. This way, Canadians are not worried about exploitation by the local pharmaceutical companies. 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 entire healthcare system has the culture of putting the health of the citizens first. The goal of every pharmaceutical company is to make profits but this comes after ensuring that the citizens can access the drugs without price limitation. According to statistics, Canadians are ready to pay more as taxes to ensure that universal healthcare is implemented by the state. It, therefore, explains why pharmaceutical companies are usually willing to negotiate drug prices with the government. From the above discussion, you now understand why prescription drug prices are lower in Canada.