When you look at the pharmaceutical industry, there are many new facts and myths floating around every day. Sometimes it gets to the point where you don't know what to believe. Some of these myths even go as far as challenging drug safety and regulatory affairs concerning Big Pharma. It's easy to get persuaded to believe false information, but just be sure you don't fall for these common myths.
The truth is the vast majority of new medical developments occur in the private sector. There may be times where university and governmental research aid in the biomedical process, but the most complex and extensive research to improve pharmacovigilance is completed by private industries.
Prescription medications are part of the free market, and healthcare payers can control the expenses. Health care insurance companies control spending on medication by requiring authorization or prescriptions, establishing approved treatments and even offering incentives to doctors to prescribe a certain medicine. Hospitals have a sizable market share, so they can leverage the price they pay for medicines. As a result, the prices consumers see are rarely a reflection of the price drug companies and hospitals pay.
Research and development costs for drug safety and new medicines are extremely high. In the United States, about 21 percent of research and development spent by businesses went toward the pharmaceutical industry. However, there's no need for the costs to be exaggerated, since the expenditures are on public record. The numbers are staggering to most people, but they aren't untruthful.
Prescription medicine has been a mainstay in the healthcare industry over a long period of time. It's easy to see why people think it is the cause of health care cost increases, but it actually saves consumers money. The amount of money spent on a retail prescription medication hasn't changed in more than 55 years, even though medicine has advanced significantly since then. Instead of increasing health care costs, prescription medication actually provides value.
There are always ongoing debates about Big Pharma and pharmacovigilance. If you have any questions about facts or myths regarding the pharmaceutical industry, give our team of experts a call at any time.