How Has the Economy Affected Prescription Drug Sales?
The global economic climate of the last 18 months has really tested the resiliency of the stable, consumer based, growth that had been enjoyed for decades. This stunted growth has been particularly visible in the prescription drug sales market. More families are opting for home remedies, and suffering through illness, rather than paying for prescription drugs. As a result, the industry has suffered its first contraction in over 5 decades.
This decline in prescription drug sales is a symptom, rendered from the number of families that are without health insurance. The rising costs of healthcare are affecting all income levels. The cash strapped consumer is unable to afford health insurance premiums and co pays. The main issue is that without health insurance, prescription drugs are far too expensive. Many consumers are turning to buying drugs online, with no prescription just to save on doctors costs.
There is no option for the poor family, which barely has enough income to cover basic living expenses. This cannot be remedied just by offering health care to all. Doing so would adversely influence the quality of care that those with insurance receive. This has been the case for a while though; there have always been families without health insurance. Why the surprising contraction in prescription drug sales though? It could be due to the increase in consumers choosing to buy xanax, valium, phentermine among others online.
There is no argument that can deny that this current recession has affected all forms of business worldwide. The main reason that prescription drug sales lagged is that the trickle down effect of major business failure has affected all industry. The major issues that caused the collapse of numerous financial institutions and auto companies has sent out a shock wave to the global economy. With unemployment leading the economic downturn, other industries such as retail and health care are suffering as a result. Now with unemployment a hair under 10%, there is a large hole in the pocket of consumers, one that has been made larger by high prescription drug costs. The only remedy, would be to lower the costs of prescription drugs to consumers, especially to those that are without health insurance.
Fortunately there have been some steps taken to help those that were unable to afford prescription drugs before. Some companies are offering new services that offer these prescription drugs for under $10, with some offering them as low as $4. While this may not do as much to fix the healthcare industry’s problems, it will help the average consumer. Whether you have health insurance or not, this service is one way to lessen the blow of high healthcare costs. One can only hope that a similar plan can be put in place for routine checkups and medical procedures.
With all the facts and figures available, there is no question that the economy’s problems are felt in all consumer driven industries. Healthcare, more specifically prescription drug sales, has been one of the more surprising victims. With some legislation, and maybe some economic growth, one can only hope to be able to ride out the remainder of this downturn. In the meantime, prescription drug sales have a long road ahead to recovery.