Medical-Healthcare

MEDICAL-HEALTHCARE

Introduction

It can be seen that the cost related to the prescription drugs is increasing at an alarming rate. Prescription drug is identified as the drug which is licensed and is regulated by the legislation, in order to obtain these drugs, it is necessary that the medical prescription should be provided. The rising prices of the prescription drugs are ultimately impacting the cost of the health care to increase. There was a time when the drug companies were considered as the heroes as they provided us with magical drugs which can get us relief from pain within a shorter span of time.

Discussion

Prescription Drugs

Prescription drugs are very essential for maintaining the healthy life of the individuals. Because of the hectic routines and the busy lifestyle, it has become very difficult for the individuals to maintain their health. That is why for maintaining their health, the prescription drugs are used which can range from severe health related issues to the day to day health care concerns (Martha, 2013).

High Cost of Innovation

As the technological advancements are increasing, new drugs are urbanized to treat a range of alignments. As the cost that is related to the development and research of these drugs increases, it ultimately increases the health care prices (Martha, 2013).

People are spending more and more in order to get the advantage of these new drugs that have been initiated in the market to make us healthy. As the demand for the new prescribed drugs increases, and the increase in the manufacturing of the prescription drug, it leads to the raise in the cost of the drugs, which we are experiencing now days.

Research and Development

In order to develop a new drug, there are a lot of research and development techniques that are required. So after the spending of so many costs, which includes the research and development, time cost and the cost that is associated with the risk of failure for the drugs has increased the overall health care prices. Over the past years, the increasing rate of the prescription drug is more than the increase in the inflation rate, which is almost 16% which is an access over the cost that has been, spend on the health care (Deion, 2013).

Alleviation of Rising Cost

In order to control the increased prices of the prescription drug, it is very important that some related actions must be taken by the medical institutes and the drug manufacturing ...