The financial policy of the rise of pharmaceutical drugs has an impact on the future of healthcare in the United States because people will not be able to afford prescription drugs. Many people who are unemployed or receiving low wages are unable to cover the price for prescriptions. Also, people cannot afford to go to the hospital and pay for drugs that are expensive. Demand for pharmaceuticals are primarily driven by the desire to cure illness and disease, and the profitability of an individual company is heavily depended on its ability to discover and market new drugs. Within the pharmaceutical industry, they benefit from their economies from research, manufacturing, and marketing, while small companies usually compete by specializing in drugs that target a particular group of people that need specific drug. There has to be drug regulations for rising cost of medication to decline or stay at a set price. If there is no regulation price of medications will continue to rise. Universal healthcare can also help with the rise of pharmaceutical cost. The United States can adapt the universal healthcare just like Canada does. The more pharmaceutical companies competing, there may be a decrease in pricing. There is a need for competition in the industry. Patients and the entire health care system can voice their concerns through lobbying and also help lower prescription drug costs and start spender cost savings. Employers can start a medical saving account, where employees can set a certain amount of money from their pay into that saving. Government may need to intervene to find a cost-effective path for affordable prescriptions. Individuals would benefit from knowing what options of medication are available and if there are alternative options if the drugs are not affordable. Demand for more generic prescriptions and FDA approved for safety and efficiency.
The rise of pharmaceutical drug has a strain on the economy, individuals, and medical providers. Medical providers have no option but to prescribe these medications for the survival of their patients. Patients have no option but to purchase expensive medication in order to live. The industry has an upper hand on the economy and the people because they know people have no choice but to purchase these drugs. They put so much effort into marketing and advertising these drugs on commercials and to individuals because they know there will be a demand for it. The higher the demand the higher the prices became. When drug prices are expensive, access to medicines becomes out of reach for patients. People’s health continued to deteriorate, when they are not able to afford for their prescriptions for themselves or their family members.
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