The cost of health care is rising internationally because of rising drug costs. Increasing the drug's lifespan seems to have a major impact on the marketing behavior of consumer drugs, which is accepted as a reliable and profitable source of money for drug companies. The problem of drug prices has been presented to regulatory authorities as well as to government via a health care professional. Rampant drug prices are climbing due to market forces failure. Latest research and assessments indicate that increased use of sub-optimal medicines is a result of high prices of medications, and has resulted in decreasing standards of healthcare.
Factors responsible for hike of drug prices:
• Long-term rise in pharmaceutical prices
• Lack of understanding and data on medical alternatives
• Paucity of services to influence patients and other means of making therapy sustainable for service users.
• Inability to take measures to align the cost of the product.
• Expenditures in the research and promotion of drugs.
The excessive costs of health care services and expenses can also become a drain on the individual patient including their families, ultimately influencing the entire population. Patients with severe diseases are hampered at employment and many of them are poor, that leads to crippling debt as well as the individual without the resources to pay for their medical expenses. Usually people who are terminally ill face monetary hardship. Several well-known drug manufacturers are in the media spotlight for unsustainable prices of life-saving drugs. Considering several government initiatives such as Janaushadhi Kendra, the provision of generic drugs by retailers is still negligible. Population mostly ends up paying a substantial amount of money towards pharmaceuticals and healthcare facilities in India. The citizenry is at a risk for having chronic conditions due to lack of awareness about the various treatment options, as well as lifestyle changes available. The healthcare industry is far more sensitive to expenditure, due to the straitened circumstances of the patient as well as his care-takers. The decision of patients in approving any therapies is obviously influenced by the practice of the registered healthcare practitioner to prescribe only proprietary drugs. It is one of the biggest causes of excessive expenses on healthcare services. It is therefore quite a challenge for healthcare professionals to provide the patient with safe drugs and treatments at reasonable cost. Indian drug industry is the third largest drug producers in the world by quantity of generic medicines. In-spite of it, domestically, branded drugs are regularly prescribed and demanded by both patients and prescribers alike.
Remedy for the current high cost healthcare therapy scenario
The overwhelmingly grim scenario can be transformed by rigorous use by policymakers as well as by many other players involved in the healthcare prescribing regime of pharmaco-economics. The universal health insurance system can be implemented and incorporated into the healthcare system to alleviate overhead healthcare costs. There is still a tremendous need to raise awareness among public about generic medicines and the policies of the government that implemented just for sake of and convenience of patients. There is an overwhelming need for enhance the process of rational drug treatment by healthcare professionals as well as the attitudes of patients about drug laws in India. There is also a lack of knowledge in modern pharmacists about correct utilization as well as alternatives of drugs. In terms of financial stain to the patient, it results in the massive cost of branded drug based therapy and is a trend well known for years in pharmaceutical industry . Implementation of Ayurvedic and Naturopathic treatment methods should be deemed in practices in order to provide patients with value-added services by health professionals.
Decision-makers should enforce the insurance system. Pharmaco-economics utilization should be promoted. Patients should be encouraged for rational drug use. Advertisements, conferences, campaign, and presentations should be enthusiastically promoted for healthcare professionals by the government agencies as well as regulatory bodies. There is also a great need for more researches for finding the cause for cost maximization and expenditure hiking of drugs and medical devices.
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