There are some 4 simple ways in which we can reduce the cost of medications drastically. This is important in a world where there is a general feeling that the cost of medications is too high – which often makes it impossible for poor populations to access essential medications. Without any further ado, those 4 ways in which we can reduce the cost of medications drastically include:
- By funding medical research using public resources: as long as the research that leads to development of medications is almost fully funded by private enterprises, the medications will always be very costly. After all, such private enterprises have to recoup their investments, hence that reality of high costs to the end users of the medications.
- By supporting the manufacture of generic medications: there are some nations that are against generic medications. Yet such medications tend to be many times cheaper than the ‘original’ medications (with the same level of efficacy). Sometimes, we may need to look beyond the big-pharma profits.
- By outsourcing the manufacture of medications: the idea is to get the medications to be manufactured in nations where the cost of production is low, and then passing the savings to the consumers of the medications.
- By making the medications to be tax-free: there are still nations where medications are taxed. The tax component can be huge – accounting for as much as 50% of the medications’ cost. Therefore by making the medications to be tax free, we stand a chance to lower their cost drastically. The goal should be to make the medications affordable, even the entry-level store-front employees at, say, Lowes (whose health benefits details are accessed through the Mylowes login screen). Remember, not all people have access to medical insurance. Some people have to pay for medications out of pocket. And if there is a tax element in the cost of the medications, such people often find themselves having to forego essential treatment.