Why are prescription drugs so expensive and how could the costs be reduced? Consumers in the United States pay nearly twice as much for prescription drugs as individuals in most other countries. This is due to many factors. In the United States, there is a lack of price negotiation to reduce drug prices, drug manufacturers receive product protections through patents and Food and Drug Administration approvals, and an increase in direct to consumer marketing of brand name drugs. Would changing any of these issues lower the cost of prescription drugs?
CHAPTER I INTRODUCTION 1.1 Background Hunger is still a major concern in health issues. Hunger causes malnutrition, malnutrition and others. Famine kills more people than TB, HIV / AIDS and Malaria. A quarter of children born in developing countries are underweight. Even the number of hungry people in the world exceeds the total population of US and European Union.
Harrison College 9/9/15 Mini Project 3/Final assessment There are many different social problems in our society today. Many of them revolve around money and or status. Healthcare is one of the top social and economic problems facing Americans today. The rising cost of medical care and health insurance is impacting the livelihood of many Americans in one way or another. The inability to pay for necessary medical care is no longer a problem affecting only the uninsured, but is increasingly becoming a problem for those with health insurance as well.
The film, Unnatural Causes, states that social class determines your health. “Health and Wealth” backs up that statement by saying, “The wider the inequality, the worse the nation’s overall health” (Jacobs and Morone 2004). This also is due to a lack of health care and “how medical costs are raising faster than personal income growth” (Jacobs and Morone 2004). People who have wealth can afford health care, unlike some people who are at the bottom of the social class who cannot afford health care. What about the people who are climbing up the social ladder?
The United States is steadily trying to save the country money and valuable resources. Rationing healthcare would affect about 15% of the population. The 15% of people that would be affected would be the poor and uninsured that. Private insurance is offered but can be very expensive to people without income or ways to get income. Medicaid
People in America are encouraged to become healthier by exercising, following a balanced diet, and assuming healthy habits. Unfortunately, most Americans cannot live a healthy lifestyle because their socioeconomic status limits their choices. The United States economic system functions as a hierarchy, where 1% of the population are more affluent than the rest (CNN). The economic gap makes it harder for the rest of the population to afford healthy behaviors. 15.1 percent of Americans fall below the poverty level, due to the economic disparity in America (State).
4). People have to be left with the risk of paying thousands to hundreds of thousands of dollars for surgery that is crucial to the survival of a person’s life. Healthcare is dominated by drug companies and the insurance industry, creating a system that costs nearly twice as much per capita as the rest of the industrial world (Borosage, Parag. 4). Pharmacies can charge up to hundreds of dollars for certain medicines needed to treat diseases.
The advantages that HCG commands over other international cancer care establishments are: 1. Hub and Spoke model – This is a unique structure which gives HCG tremendous advantage in cost, revenue, quality and ease of access as compared to other centres which are either full scale standalone centres or work as a JV embedded in a hospital as a department. This restricts their expansion and the control and quality of treatments. 2. Centralised Hub rationalizes talent requirement – With a shortage of skilled specialists and nurses across the world, the requirement for a large number of personnel is reduced due to the hub.
PESTEL Analysis Political Factors Reform of healthcare and various regulations in different countries can both negative and positive impact on the medical devices companies. The biggest pressure of Coloplast comes from Europe reforms because the company makes most of its revenue in Europe. German issued the reform, which sickness funds cut down the reimbursement of the ostomy care supplies, caused negative effect on Coloplast. It limited sales of medical supplies companies and increased the bargaining power of buyers. On the other hand, the reform on reducing the corporate tax from 25% in 2013 to 22% in 2016 in Danish was a good news for Coloplast.
Lori Chordas claims in her viewpoint that the production of generic versions of prescription drugs cuts the price of medication notably. Brand names can cost from thirty to eighty percent more than generic versions of the same medication. More Americans are recognizing the savings associated with buying generic brands instead of brand name. Generic drugs made up sixty five percent of prescription drugs distributed in 200 according to IMS Health. Due to patent expiration, many brand name drugs are soon going to have generic forms.