Prescriptions for Profit: A Look into the Cause Behind Rising Drug Prices in the United States
Friday, 14 June 2013
NorthWestPharmacy.com has previously reported on the high cost of medications in the United States and its devastating effects. 48 million Americans were unable to fill their prescriptions in 2010, a statistic that has risen 66% since 2001. Far too many people have experienced firsthand the difficulty of affording the medications they need, which is why legitimate international online pharmacies like NorthWestPharmacy.com are such a vital resource.
A recent article published in the Huffington Post sheds further light on the cause behind these skyrocketing drug prices. An analysis of corporate filings conducted by Health Care for America Now (HCAN) has found that the 11 largest drug companies have made a staggering $711 billion in profits over the last decade. The implementation of the Medicare Part D prescription drug program in 2006 gave these companies a dramatic boost in profits, with an increase of 34% in one year. Since Medicare is prohibited by federal law to reduce the cost of medications, the top pharmaceutical corporations are free to charge exorbitant rates. The effects are plain to see: the annual profits of 2012 are $83.9 billion, an increase of 62% since 2003.
The cost of medications in the United States is higher than in any other country. While these high prices are often attributed to research and development costs, much of the newly developed drugs approved in the United States come from research universities and biotech firms, not the large drug companies that make the most profit. However, HCAN's report has found that these same companies "spend 19 times more on marketing than on research and development."
Access to a reputable international and Canadian pharmacy online is vital for the millions who cannot afford the cost of medications in the United States. NorthWestPharmacy.com provides huge savings of up to 80% or more on thousands of quality products. NorthWestPharmacy.com is the most independently five star rated online international pharmacy, with over 230,000 customer reviews on ShopperApproved.com, with an overall five out of five star rating. We are a certified member of the Canadian International Pharmacy Association (CIPA), and the online privacy and security of our website has been approved by TRUSTe and buySAFE.