You may have noticed that when you or a friend go to two pharmacies to pick up the same prescription, one of the pharmacies charges a higher price for the same drug, sometimes by a few dollars, sometimes by hundreds of dollars. As a result of this illegal action, consumers suffer.
By 2023, the pharmaceutical industry is expected to be worth $685.45 billion, making it one of the most valuable businesses in the United States.
The following are the reasons why drug prices differ amongst pharmacies:
Insufficient Government Regulations
The lack of government regulation, which allows private businesses to set their own pricing, is one of the market’s most fundamental flaws. Drug firms frequently create generic copies of drugs and medications, which they may offer to consumers at significantly lower prices than pharmacies that sell brand-name prescriptions, exacerbating the problem.
Lack of Transparency
Drug price in the United States is a challenging topic. Consumers are often unaware of medicine pricing because pharmaceutical companies and insurers negotiate prices, making it difficult for them to make informed decisions.
Cost of Running a Pharmaceutical Business
The costs of running a pharmacy vary depending on where you are. Pharmacies that are part of a drugstore chain or a pharmacist shop combo have lower costs due to pooled services and purchasing. The costs of running an autonomous pharmacy are higher since such an establishment must pay for employee wages and healthcare, a mortgage or rent, utilities, equipment, supplies, and other expenses.
Additionally, the cost of medical supplies such as injectable equipment (syringes, needles, and so on) may vary from one state to the next. Similarly, dispensing rates vary from person to person, and pharmaceutical companies may offer rebates and discounts based on the number of prescriptions filled, which may be passed on to the customer.
Get Professional Assistance Now
If you’re unable to afford any prescription for any reason, join the prescription assistance program offered by The Rx Helper now.
We have multiple patient prescription assistance programs designed uniquely for different people with different medical conditions, especially the ones who are underinsured or uninsured, seniors, and low-income households. We help you find the necessary medication at the best possible price. We aim to help uninsured or underinsured people have constant access to their medicines. Enroll in our program now. To learn more about our services, contact us to book a free consultation.
Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for medical advice.