Record-Breaking Prescription Medication Price Hikes from Drug Makers

After significant price hikes from drug makers, more Americans than ever are looking to online Canadian pharmacies for more affordable and convenient access to prescription medications

SURREY, BC, Jan. 28, 2021 /PRNewswire/ - The Trump administration worked to lower drug prices by signing four executive orders, which included one on importing medications from Canada. The newly sworn-in Biden administration seems to have plans to pick up where former President Donald Trump left off; while President Biden claims to have plans to reverse or overturn many policies enacted by the Trump administration, he also has promised to pursue a similar goal: lower drug prices.

Michelle Fay Cortez, Medical Science & Tech Reporter at Bloomberg, explains Biden's position this way: "Biden would seek to strengthen and cement the Affordable Care Act, expanding access to health insurance to even more Americans and helping them afford their medications. He has said he plans to address the high prices Americans pay for prescription drugs with proposals that include allowing the government's Medicare program to negotiate costs, letting patients import drugs from abroad and linking price hikes to inflation."

As it stands, the fate of many Americans wishing to pay less on medications is in the hands of the new administration.

While most Americans' attention is focused on battling the COVID-19 pandemic, behind the headlines, drug makers have been raising their prices on brand-name prescription medications. One example: in January 2021 major pharmaceutical company Pfizer raised their list price on 193 different name-brand drugs; though the price increase was modest, it was an increase, nonetheless.

Other major pharmaceutical companies AbbVie, Bristol Myers Squibb, and GlaxoSmithKline also raised their prices. Some price increases were also modest, around 1 percent or less, while others increased their prices even up to ten percent.

So far, patients can expect to see more than 500 prescription medications cost more this year--including common drugs like Cosentyx, Ambien, Sabril, Humira, Lyrica, and Chantix. The pharmaceutical companies claim that the price increases are required in order to continue to invest in the research and development needed for discovering and introducing new medications.

While price increases always hit the U.S. market in the first month of the year, January 2021 saw more price hikes in the first half of the month than in the entire month of January 2020. In fact, more price increases were recorded in the first two weeks of January 2021 than in the all-time-high record month of the past decade, which was January 2018.

Raising the price on medications such as the ones to be found on Canada Pharmacy Online has serious consequences and potentially life-altering repercussions. The high cost of life-saving medications continues to be a top concern for American patients, especially those who may not be able to afford the level of care they need. In addition, price hikes add to the stress and burden of facing the pandemic, especially for those in high-risk categories who rely on such medications to sustain them in their everyday lives.

While the average patient may not understand the complicated regulations surrounding prescription drug pricing and importation, they are the ones who most likely directly feel the effects of any changes, whether that is the raising or lowering of prices on prescription drugs.

An expected result of the recent price hikes is that more Americans will seek alternative solutions to find the drugs they need at a price they can afford. One such source is to order from a Canadian online pharmacy, which many patients find to be a convenient alternative to paying regular visits to a brick-and-mortar pharmacy. Click here for the latest drug importation news.

About the Company

Canada Pharmacy Online (CPO) is an online Canadian pharmacy that processes orders through the Candrug pharmacy (regulated by the College of Pharmacists of BC) based in Surrey, British Columbia. In business since 2006, CPO has helped over 500,000 customers save money on quality prescription medication and specializes in many chronic care medicines that people must take in order to sustain life.

International products are supplied by a network of global partners from countries such as Turkey, Mauritius, India, New Zealand, Australia, and the United Kingdom. Customer service representatives can assist customers in multiple languages, including Spanish and French. CPO provides one of the quickest and easiest online ordering processes available. CPO is accredited by the Canadian International Pharmacy Association (CIPA) and a member of the International Pharmacy Association of British Columbia (IPABC).

Toll Free: 1-866-920-3784
Toll Free Fax: 1-866-930-3784
Twitter: @CPOHealth

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SOURCE Canada Pharmacy Online