Why Are Pharmaceutical Companies Charging so Much for Prescription Drugs?

Pharmaceutical companies have enjoyed huge profits over the past decade. According to the AFL-CIO although the economy is slow economy, yet the pharmaceutical sector continues to thrive by increasing profits 15 percent each year. People have been paying outrageous prices for their medication. If pharmaceutical companies are performing so well finanancially it is puzzling as to why they are still charging so much for prescription medication.

Pharmaceutical companies are constantly robbing people without guns when it comes to prescription drugs. It is absurd for pharmaceutical companies to charge so much for prescription medication. According to the New York Public Interest Group, millions of Americans both insured and uninsured struggle to afford medications that they need even if it means going without them if the prices are too high. There use to be a time when there was a choice between brand name and generic medication. Of course, the generic medication was the less expensive alternative to the brand name drugs. Now pharmaceutical companies are just now mostly manufacturing only brand name prescription drugs. This decision will be very costly to those who desperately need certain types of just to survive. This is an unfair practice on behalf of the pharmaceutical companies. Although they are inexpensive alternative medications, yet they are not easily accessible. Not everyone is fortunate enough to work companies that provide excellent medical benefits. There are other reasons that may prevent people from being able to purchase prescription drugs. Some people may be in between jobs but chose to keep the medical benefits from their previous employer for a short period of time granted to them under COBRA (Consolidated Omnibus Reconciliation Act) In this case, people may pay three times the cost of medical insurance than they did when they were with old job. Now if all of sudden the price of their medical insurance has skyrocketed it is a very good chance that the price that they will pay for prescription drugs will do the same.

The government should intercede in this on going battle between pharmaceutical companies and consumers. If they don't this problem will much worst. Pharmaceutical companies will continue to rake in profits as long as they charge high prices for prescription medication. Once again, the greed of pharmaceutical companies in their efforts to rake in more profits has caused them to sacrifice the needs of consumers.