Pharmaceutical companies have just been swept away with their latest controversy, and now thousands of citizens are protesting. We have just learned of what is already considered the biggest scam in the history of the United States, with a scheme that directly affects drugs. Is trust in a sector as respected as this one over? We tell you everything that has happened and how it affects you (because it will).
This is the largest scam in U.S. history: there is concern and fear
The US Prescription drug costs are substantially above even developed nations average. In the opinion of politicians who have verified together with the fact checking groups it is typical for Americans to pay for labeled medicine two to three times more expensive than, for example, in Canada, United Kingdom and France.
For instance, the manufacturer of an anticancer drug Rituxan based its price in the U.S at $1,700 as compared to $650 in the U.K. Another medication Humira used for treating rheumatoid arthritis was sold at $2,500 a dose in the U.S., while in Switzerland it cost only $1,000.
While we are speaking about branded drugs which prices are twice as high generally, compared with other countries, generic drugs, at least which are legally allowed to sell on the drug market, are also priced higher in US; one report showed that their price was 4 times higher in the USA.
US residents spend more on drugs that treat cancer, systemic flow disorders, diabetes, as well as other more frequently occurring diseases. Since prices differ quite a lot among the patients, employers and in general the healthcare system in finacials it results in serious strain on the health care providers.
Drugs for which the U.S. pays more than twice as much: here’s the situation
The U.S. pays the highest prices in the world for many common prescription medications, especially for drugs that treat chronic conditions like diabetes, cancer, and autoimmune diseases. For example:
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Insulin – The average price of insulin nearly tripled between 2002 and 2013 in the U.S. A 2018 study found the average price of insulin in the U.S. was $98.70, compared to $12 in Canada for the exact same drug. Many Americans have to ration insulin due to the high costs.
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Cancer drugs – A study found prices for oral cancer medications were 4-8 times higher in the U.S. than in other countries. A years’ supply of common cancer drugs can cost over $100,000 in the U.S. vs less than $20,000 in the UK.
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Autoimmune drugs – Drugs that treat rheumatoid arthritis, multiple sclerosis, and other autoimmune diseases routinely cost 2-3 times more in the U.S. A years’ supply of Humira, used for rheumatoid arthritis, is over $60,000 in the U.S. but under $20,000 in Switzerland.
The reasons for the huge price discrepancies for common medications between the U.S. and other countries are complex, but ultimately American patients shoulder the burden of paying exorbitant costs for life-saving medications.
Here’s how this scam is affecting you: White House concerned about what happened
The skyrocketing cost of prescription drugs in the U.S. healthcare has extensive impacts on American society and healthcare system as a whole. Compared to other countries, the pharmaceutical market in the US is unregulated with regard to drug prices so the companies may charge unaffordable prices.
Therefore, this has impacted on the healthcare costs and the insurance premiums since the employers and individuals have been forced to bear the level cost affect their budgets. In order to stay abreast with growing medication bills, premiums, co-pays remain a yearly upward curve.
Struggle of American people with health insurance have increased in the past years with the raising popularity among high deductible health plans among people where they pay thousands dollars every year till their policies kick in. Poor health insurance frequently leads to excessive drug costs in even those with good income.
As you can see, the pharmaceutical industry has just entered a very serious crisis that puts it directly not against the Government of the United States, but against public opinion. In fact, thousands of users are questioning everything from the welfare and benefits system to the prescriptions Walmart issues for drugs like Ozempic. The situation, therefore, seems serious and controversial.
