Increase in Prescription Drug Cost and Its Economic – part 7
Posted by admin in Business EssaysSince the drug cost has been increased, it is affecting the health care as well as economy of the country. The high cost of prescription drugs has made it difficult for many low-earned people to afford medications their doctors recommend though they deserve an affordable drug benefits. There is lack of correlation between population’s ability to pay and the price of prescribed drugs, though U.S. is the biggest economy in the world.
The Americans are paying much more for less benefits and that is the concern for the low-income levels public. The system the Americans got is not working and day by day they are facing a nationwide economic healthcare crisis. Certainly, increase in prescription drug price is the reason behind it. It seems to be the over-price of prescription drugs is bankrupting the healthcare process of the United States.
The people are spending a lot of money only for purchasing prescription drugs which sometimes costs out of his or her ability. For example, in a family where there are 4 members. If each person spends $800 every month, then the annual spending for the whole family would be $38400. But they are spending half of the amount more than the Europeans. It is because; the price of the same drugs is half of the Americans market price. Thus, the surplus spending is affecting the family expenditure as well as the economy.
A large portion income is abusing for the American people due to increase in prescription drugs. This cost consumes the rapidly rising share of people’s income. This share varies a lot among the states, a new study finds. From the economic point of view in future it would be worse than current situation. The burden heaviest in sicker, poorer, older states and where more people are out of insured. According to a report by Health Reform Program at the Boston University School of Public Health, the burden were greatest in Tennessee, West Virginia, Kentucky, Mississippi, Louisiana in 2002.
The prescription drug spending cost reflects average prescription prices filled per person. The total spending is divided by total income to compute the drug cost burden in a state.
Those states are suffering heavy drug cost burden where burden is increasing fastest and are likely to feel to act politically to lower drug prices. The prescription drug cost is appeared as ticking time bomb. The taxpayers and patients, particularly in these high burden states, cannot afford to spend more. Therefore, the report concludes, “cutting drug prices is the only way to lower drug cost burden and expand use” of needed medicine.
Overall through country, many people still lack of needed prescribed drugs
