The Costs Of Prescription Drugs Essay - 2312 Words

Skyrocket costs of Prescription Drugs Prescription drugs all around are very expensive, but without out them some of us would not be able to say we are alive. We can still see the price of these prescription drugs go through the roof as we speak. Although most of low-income workers can barely afford medicine and drugs, one way or another, we make it work because without it we would be dead. Although having insurance covers a lot of our medical health expenses, such as medical bills, prescription bills, hospital bills and things of this nature. As the cost of prescriptions keep going up, sometimes our insurance companies cannot cover the cost because they have hit their Cap of money able to spend. Some insurance companies have Cap for a person or a cap for a whole family it can be yearly or annually it just depends on the â€Å"deal† you worked out with your insurance provider. Most families, like my own make due to cover the cost of having insurance, yet we have to still be ab le to cover what remains of the prescription cost if we want to live. Money sometimes is very tight and meeting these necessary financial situations get tough. My family consists of my mom, dad, two brothers, two sisters and myself. Both of our parents have diabetes and need medication to control it. My dad has to take even more medication because of his kidney transplant. They have their oldest (my twin sister, and myself) both going to college, a big expense. At the same time, they have to take care ofShow MoreRelatedHigh Costs Of Prescription Drugs1552 Words   |  7 PagesAre You Actually Paying For? A Critical Review of the High Costs of Prescription Drugs in America By: William A. Hopkins, III Radford University Author Note: This paper was prepared for Economics 495, taught by Dr. Prahlad Kasturi Abstract Recently, there has been a debate about the high prescription drug prices in the United States. Accounting for 9.7% of the national health expenditure, $329.2 billion was spent on prescription medications ($931 per person) in 2011 (Linton, 2014). So whatRead MoreThe Cost Reduction Strategies For Prescription Drugs968 Words   |  4 Pagesproblems and core solutions in resolving the cost reduction strategies for prescription drugs, it’s important to consider the short-term solution rather than the long-term. In long-term problem solving strategic plan like the change in the overall U.S health system, the process of transforming the highly dominated private health financing system to government funding and controlling system takes years, even decade. To reduce the price of prescription drugs in the United States, this paper (part III)Read MoreArticle Review : Reducing Prescription Drug Costs1153 Words   |  5 Pages Reducing prescription drug costs Company Name: Horizons Investment/Retirement Planning 250 Employees Marysville, Ohio $135 Million USD Commodities such as food, cars, and even precious metals have steadily increased year after year which is something that is widely accepted as ‘inflation’. The dollar in 2016 isn’t worth what the dollar in say, 2010 was, but salaries are often adjusted to take the rise in commodities into effect. Prescription drugs however doRead MoreThe Cost Of Pharmaceuticals Prescription Drug Prices And Retail Mark Up Essay2136 Words   |  9 Pages The Cost of Pharmaceuticals: Prescription Drug Prices and Retail Mark Up Diandra Hopkins American Public University Anyone who has purchased prescription medication has probably wondered why they cost so much. 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Every day the supply and demand for prescription drugs fluctuates. Pharmaceutical companies produce drugs that are necessary for survival. Therefore, it is necessary for research and development to continue in theRead MoreCanadian Drug Coverage940 Words   |  4 PagesAddressing Gaps in Canadian Drug Coverage According to Morgan and Boothe (2016), Canadas medicare system is the only one among developed countries that has universal public health insurance but does not also have universal prescription drug coverage. The amount of out-of-pocket (OOP) spending is an immense burden for many Canadians, accounting for 34.3% of private expenditures, (Hennessey et al., 2016); and in Ontario, one in three people do not have employer-provided health insurance (Barnes Read MoreThe Health Care Industry Of The United States1695 Words   |  7 Pagesnew medical technology (to provide the best quality services), financial system, and the entire health care service structure, rules, and regulations are changed. Hence, a health care industry is fronting a noteworthy pressure to reduce health care cost, to prepare for an influential change in how health care is provided, financed and consumed while delivering the quality care (Hicks Jacobs, 2014, pp. 385-402). Despite many financing methods in the United States, such as insurance premium, taxationRead MoreWhat Is Political Action For Universal Drug Care934 Words   |  4 Pagesuniversal public health insurance but does not also have universal prescription drug coverage. The amount of out-of-pocket (OOP) spending can become a great burden on Canadians, as private insurance â€Å"only composes approximately 34.3% of expenditures,† (Hennessey et al., 2016); and in Ontario, 1 in 3 people do not have employer-provided health benefits to begin with (Barnes, 2015). Cost-related non-adherence to prescription drugs is associated with households with low income, which can lead to poorer