U.S. Pharmaceutical Prices: Local vs. Foreign Sources of Drugs - Essay Sample

Graphical Representation of the Source of Drugs in the U.S. Market Contributing to the Challenge of High Pharmaceutical Prices

Lindsley,(2017), a larger percentage of drugs found in the Us market, are locally made with smaller percentages imported from foreign markets like Switrzerkland Japan and so forth as indicated above.

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Causes of High Prices of Pharmaceuticals in the U.S.Technology has made it easier to manufacture drugs that can treat chronic diseases that, for a very long time, have drained families off resources just to afford drugs like pain killers so that they can manage and control the pains. However, this does not mean that the problem of high costs for medication has been addressed fully. Advancement of technology means that the cost of medication goes up due to resources involved in the research and manufacturing of these drugs(Liao,2018). For instance, complicated diseases like cancer, Hepatitis, high blood pressure, and other related diseases can now be controlled thanks to the advancement in technology and modern healthcare linked to science, engineering, and medicine (Liao,2018). These diseases can now be managed and treated with ease. Despite being able to treat, medicines are increasingly becoming expensive for many people to afford in America. Insurance covers and one’s preexisting medical conditions are becoming a hindrance to affording medication. Branded drugs also contribute to the high costs of pharmaceutical drugs compared to generic drugs.

Graphical Representation of Pricing of Popular Drugs versus Inflation Rate in the U.S.

The high prices of pharmaceutical products in the United States are due to reasons like free market, biotechnological innovations that require a lump sum of monetary resources, and the main reason for the government's failure to make pharmaceutical products price negotiations (Hedican et al., 2019). The cost of setting up a prescription available to be purchased to the general population in the United States has been assessed to be about 883.6 million (Henry, 2018). However, these costs do not reflect those drugs that have not met the endorsement guidelines. Food and Drug Administration does not approve 90% of the drugs being developed (Naci et al., 2017). If modified, some of these drugs prove to be useful. This means that the earlier monetary investment that was made goes to waste; hence to recover from this, they are priced at higher values.

It is also essential to put into consideration the criteria from which consumers of pharmaceutical products use involves tenets like information about drug effectiveness, the innovation used, development, and how well a product is advertised. The more a product is advertised, the more its price it will be if at all a company's aim is to amass profit. Some insurance company makes these choices for their covered clients. These insurance companies typically go for the latest or best medication, paying little heed to their general a motivating force to that particular patient. For example, a patient with a less unpredictable Hepatitis C medication may demand Sovaldi, paying little mind to the way that an increasingly settled drug may be correspondingly inclined to fix their ailment, and at a modest quantity of the cost. In this manner, the United States uses more cutting-edge sedates from time to time than in other countries.

Representation of Perception of the Impact of Drugs in the Lives of Americans

Pharmaceutical Prices Regulation in the U.S.The government plays a key role in the pricing of products in the market for every sector in...