Drug Company Monopolies

Drug Company Monopolies

How much are you spending on prescription drugs? According to the Organization for Economic Cooperation and Development, American’s spend $1200 annually on generic prescriptions alone. This number is higher than any other developed nation. Why are prescription drugs so expensive in America? One word, monopolies. Pharmaceutical companies are benefiting from government-sanctioned monopolies due to patents. Under federal law, manufacturers who patent a new drug are free of competition for 20 years. Since competitors cannot create and sell the same drug, a monopoly is formed. This process enables drug companies to sell their product at any price, which is usually high. There is also the problem of companies purchasing older medicines that have no competition and raising those prices. Drug reformation is dire and needs to be a top priority for the federal government, but what can we do in the meantime? Contact SavOn Global Meds. They are a Florida-based company run by seniors who sell low-cost prescription drugs. Branded and...
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