NHS FPX 6008 Assessment 1 Identifying a Local Health Care Economic Issue Gap Contributing to the Need to Address the Issue

NHS FPX 6008 Assessment 1 Identifying a Local Health Care Economic Issue

Gap Contributing to the Need to Address the Issue

For many newly developed drugs, there are no alternatives, and even some old medications lack an exact or near-identical medication alternative, due to which they are expensive. The peculiarity of the medication being one of its own kind makes it more expensive (Rajkumar, 2020). Thus, the need to address the issue is to highlight and encourage the pharmaceutical companies to bring more alternatives that can provide medication alternatives within the budget but do not compromise healthcare standards. Along with the monopoly’s peculiar nature, the lack of reforms regarding pricing is another gap that creates the need to address the issues, as the same medical drug can be sold at higher prices at one place while at another it would be much cheaper. The lack of reforms and standard pricing has also encouraged the need to discuss the issue.

Conclusion 

In conclusion, the economic issue of rising prescription drug prices poses a significant challenge for healthcare organizations, communities, and individuals, given the gap in pricing and the peculiarities of the drugs. While the issues of affordability and access remain in question. Thus, by addressing the issue, alternatives and medication opportunities can be created to encourage the patient to maintain their healthcare while keeping it within the budget.

References 

Affairs (ASPA), A. S. for P. (2022, September 30). New HHS Reports Illustrate Potential Positive Impact of Inflation Reduction Act on Prescription Drug Prices. HHS.gov. https://www.hhs.gov/about/news/2022/09/30/new-hhs-reports-illustrate-potential-positive-impact-inflation-reduction-act-prescription-drug-prices.html

SUPPORTING PHYSICIANS. STRENGTHENING THEIR VOICE. (n.d.). https://www.ama-assn.org/system/files/2021-ama-annual-report.pdf

Rajkumar, S. V. (2020). The high cost of prescription drugs: Causes and solutions. Blood Cancer Journal, 10(6). https://doi.org/10.1038/s41408-020-0338-x

Rome, B. N., Egilman, A. C., & Kesselheim, A. S. (2022). Trends in Prescription Drug Launch Prices, 2008-2021. JAMA, 327(21), 2145. https://doi.org/10.1001/jama.2022.5542

Wineinger, N. E., Zhang, Y., & Topol, E. J. (2019). Trends in prices of popular brand-name prescription drugs in the United States. JAMA Network Open, 2(5), e194791-e194791. doi:10.1001/jamanetworkopen.2019.4791