One of the main growing concerns among consumers due to the price increase on generic medication is insurance. It is no surprise that this issue is impacting both the patient and individual pharmacies. According to the National Community Pharmacist Association, patients who are covered by Medicare and Medicaid “are declining medications due to increased co-pays” (Alexandria, NCPA). Patients who now have to pay additional money out of their pocket on premiums all the sudden are directly holding insurance companies at fault instead of the ph...
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...e profit motive pharmaceutical industries. As a result, Bloomberg economic data has proven the three big companies; Teva, Actais, and Mylan have generated an increase in revenue. These companies grew by 10 percent starting from 34 percent in 2007 to a record 44 percent last year. The rise in generic medication costs and malpractices has become a new norm in the drug industry will continue to worsen until federal regulations are strictly enforced.
The bottom line is the F.D.A should resolve the issues associated with the rise in generic medication by supporting new generic competitors and wiping out malpractices. Promoting growth and allowing more competition to produce generics has proven to be beneficial. It allows a stable market from which consumers can afford to buy generic medications. More competition is the innovative standard for the free market economy.
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