We all wonder why prescription medications are very expensive. According to drug companies, the reason why prescription drugs cost so much is because of the high cost of discovering new compounds and doing the research. However, the media argues that drug companies do not really care and that they spend more money on marketing their product/s. So what is the real reason behind the high cost of prescribed drugs? It all begins with the discovery of a new compound. The scientists have to thoroughly research its properties, safety, and how it is going to affect the human body. First, they test the compound in the laboratory and on animals to check for its safety, efficacy, pharmacokinetics, and bioavailability. The compound is then tested on healthy volunteers to determine the compounds safety and dosage. The scientists then test the compound on people with the target condition to check for efficacy and possible side effects. After this takes place, the company has to go through the Food and Drug Administration (FDA), the agency that will determine if the newly found drug will be manufactured and sold to the public.
Unlike any other businesses, drug companies take very big risks when they discover new compounds. They spend years and millions and millions of dollars to develop a new drug, not knowing if it is going to be approved by the FDA. In the end, “if the drug is not approved, the company loses the money.” If the drug is approved, the drug companies then spend millions of dollars on marketing their new product. This includes educating healthcare providers, physicians, and even the patients on what the drug does and how it works. The competition between drug companies also causes the high price of marketing.
In conclusion, drug companies have to make up for the money they lost from the failed attempts of developing new products, causing the high prices of prescription medications that are already out in the market.
Sources:
http://www.medicinenet.com/script/main/art.asp?articlekey=18892
http://www.worldofdtcmarketing.com/files/4c407e594180a106d2db074e349ec2e6-746.html
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I think this works when developing vaccines as well, people assume that it's these huge corporations ready and willing to suck every cent out of your wallet. People don't even consider all the research that goes into developing new medications. I really think this post is helpful in showing people the truth of the situation.
ReplyDeleteKatherine Stacey
Exactly!, then when new vaccines do come out, they are still scrutinized by the public, like the H1N1 Vaccine, for not having suffienct evidence it is safe or not.
ReplyDeleteThe cost of new technology and devlopment is high.
this is a great blog-I learned about how much it cost to manufacture a drug in Microbiology, but this is good for nurses to read to maybe explain to patients why their prescriptions cost so much.
ReplyDeleteThank you Couk, I think alot of us forget all that goes into new drug research, and are blind sighted by the price tag. Have you ever been in a situation where high medicine costs caught you by surprise?
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