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Why Are Prescriptions Drugs Cheaper In Canada?
In many states, you will realize that quality healthcare is a top priority and that explains the policies that are enacted to lower prescription drug prices. States have laws and policies that govern the manufacture, sale, and pricing of prescription drugs. 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. It is surprising to learn the cost of drug manufacture in more or less the same in all the states but when it comes to prescription drug prices, you will enjoy a huge financial reprieve in Canada. 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. Read on to learn the reasons behind the pricing difference.
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. One of the strategies that the government has employed to ensure that the companies do not overprice the drugs is offering subsidies.
One of the strong regulations that the PMPRB has put in place is that pharmaceutical companies are not allowed to enjoy the market if the drugs are unaffordable to the 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. With this, Canadians are not worried about being exploited by local drug manufacturers. In the US, the citizens check the prices of prescriptions drugs using prices checkers before buying. As a US citizen, you should find out prescription drug price across the border.
The Canadian healthcare system puts the health of the citizens before profits. 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.