Soaring prices of Drugs

Why are the Prices so High?

One of the main reasons the drug prices are as high as they are today, is due to high cost of research and development (R&D) of new pharmaceuticals.

According to the Pharmaceutical Research and Manufacturers of America (PHRMA), the voice of the pharmaceutical industry, it takes on the average 12-15 years and $ 500 million dollars to bring a new drug to the consumer. For every 5,000 compounds discovered only 1 makes it to the market.

Another reason that prescription drugs are so expensive is the high cost of marketing and advertising.

Pharmaceutical companies spend billions of dollars a year on promotional and marketing efforts. These efforts include hospital and office promotion, drug samples, Medical Journal advertising and a more recent phenomenon of Direct-to-Consumer Advertising. The total value of all this marketing is a staggering $19,059 Billion dollars in 2001 alone, as estimated by IMS Health, a pharmaceutical market research firm.

No wonder the drugs are so expensive.

What can be done?

Our Government is desperately trying to alleviate the prescription drug problem by proposing a number of remedies. While the politicians are debating on what needs to be done, some immediate solutions are desperately needed right now. Discount Rx Mart was created to provide consumers information on issues related to prescription medicine, safety and solutions on how to lower or completely eliminate prescription drug bills.

 

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