Here at Valley Schools, we want to keep you updated on the latest current events going on in the healthcare industry. The rise of prescription drug prices has affected the majority of us in one way or another. Drug companies are taking advantage of the fact that there is limited competition in the industry and are behaving as monopolies. The pharmaceutical industry has the highest pricing growth of any other sector in healthcare. These rising costs are heavily impacting those who need medication to maintain their health and may not have the resources to pay the higher cost share for medications.
There is no simple solution to this problem, however, a key component in helping the reform is having more competition between companies. A perfect example of a drug monopoly with a lack of competitive pressure is Mylan. Mylan’s EpiPen price skyrocketed last year because they were the only company who had this life-saving treatment. EpiPen was called out for exploiting consumers dependency on the medication, but they weren’t the only ones.
People are demanding that drug prices go down, however, there are a lot of factors and issues that affect price regulations. Valley Schools is here to assist you with any questions you may have in regard to pharmacy best practices. We want to ensure your employees stay in good health which includes accessing affordable medications. If you have any questions, feel free to contact us.