Medicine availability and affordability differ in different countries. In under-developed countries, most of the citizens with curable ailments succumb to death due to the lack of money to buy the medicines. This essay highlights the necessary steps that should be taken by pharmaceutical companies to keep the costs low.
To begin with, over-dependence on imports majorly contributes to this situation. In fact, this excessive reliance not only increases the cost of the product but also affects the feasibility. For example, an imported product’s price includes several costs such as import fees, logistics expenditure, and some other miscellaneous charges. consequently, all these monetary burdens are levied on the patient’s receipt. So, medical plants should reduce imports and start manufacturing goods in these economically backward countries to positively alter affordableness.
Moreover, another factor that acts as an attribute to over-pricing the drugs is the lack of research teams in the backward nations. Either bringing over the foreign medical pioneers or outsourcing the work both could require palpable funds allocation. For example, if the research tasks are outsourced to America from one of the poor nations, the people who are employed for the medical exploration demand in dollars which is 50 times more than home currency. In order to avoid this particular problem, drug companies should enhance research development programs and also establish premium educational institutions in poor countries. Eventually, the costs incurred on the medicines will get cut as limited funds are put into the preparation of the products.
To conclude, following the above-mentioned suggestions organizations would be able to keep their prices low while ensuring optimal affordability levels. As the less affluent countries’ economies are weak drug companies should take the required measures, so its people’s mortality rates decrease.