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Essay / Why are Canadians paying too much for pharmaceuticals?
IntroductionThe lives of many Canadians are heavily dependent on the prescription medications they take. Pharmaceutical products have become part of almost everyone's daily life. However, over the past thirty years, the demand for medicines and their costs have increased significantly. On February 28, 2013, Steve Morgan published his article entitled “Canadians pay too much for pharmaceuticals year after year” in the Huffington Post. He discussed the disadvantages of a multi-payer system and explained how a single-payer system would benefit the Canadian healthcare system. This paper will address the reasons why Canadians pay excessive amounts for pharmaceutical products. Comparisons with various countries abroad and strategies to reduce drug costs will also be discussed. ) However, rising drug costs are preventing many Canadians from seeking the treatment they need (CBC). In Canada, all government drug plans cover approximately 46 percent of the total cost of prescription drugs (Armstrong 52). In 2013, total drug spending in Canada reached $34.5 billion, or sixteen percent of our total health care budget, up from $33.0 billion in 2012 (NHET 2). Since 1985, drug spending has increased from $160.01 per capita to $955.44 per capita in 2012 (ICIS 3). The breakdown of drug spending in Canada is as follows: spending on prescription drugs accounts for up to eighty-four percent of total drug spending, while spending on non-prescription drugs reached approximately $5.3 billion. dollars in 2012 (CI...... middle of paper ...... each year (Ventola 1) In Canada, the DTCPA is not completely illegal, it allows pharmaceutical companies to only mention the name , the price and quantity of a drug (FCRSS 1) which tell consumers to “ask their doctor” and which generally promote only the name of the drug (CHSRF 1). Drug advertisements simply aim to educate the public by making them aware of new therapies, which will ultimately improve the overall health of the country (FCRSS 1). than boosting sales of new drugs recently launched on the market and which are also more expensive than pre-existing drugs. drugs on the market. Another problem with new drugs coming to market is that they are not necessarily better than existing drugs..