There are a number of trends taking place lately in the pharmaceutical industry, one of them being generic drugs, the other being globalization of generic medicine. As generic medicine is taken root in smaller, less developed countries, the big pharmaceutical companies are clamoring for a piece of the action. With generic medicine on the rise in the U.S. and abroad, some big pharmaceutical companies have turned to underhanded practices to get these cheaper drugs out of the market. Big pharmaceutical companies are now paying off smaller generic drug makers to halt production altogether, to keep these cheaper drugs out of the market. But who pays the price for this in the end?
In recent years larger brand name pharmaceutical companies have started the practice of entering into agreements with smaller generic drug companies, to slow down production of their generic drugs, or halt production altogether. Up until recently, big pharmaceutical companies have tried to work hand in hand with smaller generic drug companies over licensing rights to drugs and even making generic brand named medicine. Even though this seems like an effective strategy, some of the more underhanded dealings by the big pharmaceutical companies may not be good for everyone.
The cost of the average generic drug can be anywhere from 60 to 80 of the brand name alternative. But it’s not just the individuals that are hurting from these underhanded practices. Lower drug prices also benefit businesses as well as many employers pay for their workers’ health care, including any prescription medicine they may need. When these big pharmaceutical companies take away this option to buy generic medicine, this puts the burden directly on the consumers and the employers who provide health care for their employees. Because brand name medicine can be so expensive this is resulting in thousands of businesses dropping health care plans for their employees altogether, putting a huge financial burden back onto consumers, often resulting in them not being able to afford any kind of medicine altogether.
Because of these recent practices by the large branded drug companies to keep any competition out, many other recipients who are not involved are being affected as well. Many pharmaceutical sales consulting firms, who work hard to keep an eye on these recent developments, have noticed something even more alarming. They are noticing that as many large branded companies take away the option of buying generic medicine, taxpayers are footing most of the bill. Because many individuals have no way of affording these expensive brand named medicines many people are turning to their governments for assistance. As the governments of the world are taking on more and more people to cover their health insurance plans, the cost is going back to the taxpayer. In the end nobody wins but the large pharmaceutical company.
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Author Resource:
Nigel Smart is a pharmaceutical consultant with extensive experience in the biotechnology and pharmaceutical industry. With Denise Smart, he manages Smart Consulting Group. Visit their blog at http://www.smartconsultinggroup.com/blog
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