Prescription Drug Spending in America
Americans spend over $300 billion dollars per year on prescription drugs. The prices of prescription drugs rise every year. Why? Prescription drug companies blame it on the cost of the science involved in developing more effective medications. Yet, those costs are passed on to the consumer who in many instances MUST have that prescription drug to have life. Is it too much to ask that the prescription drugs on the market be safe?
Prescription Drug Manufacturers Among Most Profitable
Prescription drug manufacturers are among the most profitable corporations in the world. They rely upon armies of salespeople (backed up by scientists allegedly) to market their most profitable products to doctors for prescription to the masses. Those prescription drug products are sold as the latest and greatest inventions of medical pharmacology.
Brand Name vs. Generic
In many instances, the latest and greatest prescription drugs take the place of an older prescription drug. For instance, Xarelto® and Pradaxa® were marketed as superior alternatives to warfarin. Notice that I used the generic drug warfarin (known by the brand name Coumadin®) as the older drug.
When a prescription drug enters the market, it is protected by a patent. This means that anyone associated with the manufacture or sales of the prescription drug must fall under the drug’s patent. When a prescription drug loses patent protection, other manufacturers are able to produce and sell the drug.
With more competition, the profit margins on the prescription drugs go down. This leads the heavy hitters of prescription drugs to make the next greatest invention so that they can sell those drugs at the higher profit margins.
Bigger Profits at Expense of Consumer Safety?
The race to come out with the next great prescription drug is sometimes done at the expense of the consumer. There are a number of prescription drugs out there that the FDA has issued warnings about. These warnings come after the drugs enter the market.
The drug liability lawyers of The Parian Law Firm, LLC are currently investigating claims involving a number of prescription drugs. Those drugs include:
- Current Prescription Drug Investigations by The Parian Law Firm, LLC
- Benicar®
- Xarelto®
- Invokana®
- Pradaxa®
- Risperdal®
Call today to speak to ONE OF OUR LAWYERS (not an intake department) if you or a loved one has been injured by a prescription medication. We can be reached at (770) 727-5550 of by chatting NOW with someone from our office.
