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There are many factors that
contribute to medicine pricing such as range and
type of available compounds used in the
medicine, percentage of generic versus brand
name medicines available, number of competitors,
free trade restrictions, and retail markups.
Medicine prices can vary even with the same
medicine. For example, a generic medicine will
have a lower price than the same branded
medicine costing as much as 50-70% less than the
brand name counterpart. New medicines that are
patented will not be available in generic form
and therefore will cost more. Medicines will
vary in price depending on where they were
purchased whether from a public clinic, a
private pharmacy, or a discount pharmacy. Also,
whether one is living in an urban or rural will
affect the price they pay for medicine. The same
medicine can also vary in price from country to
country. From the wholesale price, there can be
as much as a 100% difference due to taxes and
retail markup.
Much of the pricing of medicines is directly
tied to the research and development necessary
to bring the medicine to market. It can take up
to 15 years and cost as much as 800 million
dollars to finally have the medicine available
to the public. Consideration is also given to
the medicine’s revenue-generating potential, the
number of patients who will use it and
competitive medicines on the market. Typically,
in the United States when a new medicine goes on
the market the price is higher and the longer
the medicine is on the market, the less the
price will be eventually. The reverse is true in
other parts of the world.
According to a report on medicine prices by the
World Health Organization and Health Action
International specific ways to bring medicines
prices down include ensuring that generic
medicines are available and prescribed whenever
possible, buying in volume to take advantage of
discounts for group purchases, and eliminating
duties and taxes on essential drugs, which some
countries already do. Another approach is to
bring medicine spending under control from the
prescribers to the users and buyers.
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