Needless to mention, the pharmaceutical industry of India is huge. As of 2017, this industry has an estimated value of more than US$ 33 billion which is expected to be further increased in the upcoming years. They are one of the most well-known and largest suppliers of generic medications across the globe. What’s more, they are one of the biggest contributors to the entire drug industry. In the global market, Indian drug manufacturers and distributors surely hold a very accountable position.
Millions of US citizens import drugs every single year. At least two million packages come from third world nations like India and Thailand. For a time, the American government dismissed the notion of the online medical market presenting any real threat to the traditional pharmaceutical arena. And they were not wrong. Even today, as popular as internet pharmacies have become, they still lack the capacity to challenge their traditional counterparts in any manner that counts.
Drugs in the United States are exorbitantly priced. That is particularly problematic because more people in the country are dependent on pharmaceuticals to maintain the quality of their lives than ever before. This might explain the recent explosion of pharm store reviews on the internet. Today, everyone knows that medicine is so much cheaper in places like Canada. And it has become the norm for Americans to order for drugs from internet pharmacies operating on foreign soil. The average consumer understands the attraction of online medical suppliers. If you play your cards right, a medical website could help you save up to 90% on the cost of your prescription and non-prescription drugs. But the average consumer also understands that the internet is chockfull of fraudulent websites looking to sell counterfeit drugs to unsuspecting patients.
A 10ml bottle of Insulin would have cost you $450 in the United States in 2018. This is despite the fact that the same bottle could be acquired for a paltry $21 in Canada. And that is hardly the only example of the massive discrepancy between prices in the US and Canada. Consider Nexium, a drug that American pharmacies sell at $7 for one 40mg tablet but which a Canadian pharmacy will offer at $3, or Abilify which the Americans sell at $34 a pill but Canadians provide at $4. Why are identical drugs cheaper in Canada than in America? The price disparity is approaching the ridiculous, so much so that some American consumers have started looking elsewhere for cheap drugs.
Read moreWhy are Identical Drugs Cheaper in Canada Than in America?
The E-Commerce boom started in the early 2000s. Advancements in Information Technology changed the way people did business, and no field was exempted from its transformational force. People think that internet pharmacies are a relatively new invention but they couldn’t be more wrong. Of course, there has been an uptick in the number of people using the internet to acquire medical services. And medical professionals have responded to this trend by making available online packages through which the needs of their client base can be met. But some of the biggest pharmaceutical ventures on the internet today are merely adding to a foundation that other companies constructed a long time ago.
What can price tags actually tell you about the quality of a drug? The cost of healthcare is a burning topic today. Drug prices are definitely skyrocketing and could even be blamed for raising health insurance premiums in some countries. Pharmaceutical companies claim that they spend so much money on the development of new treatments that they have no choice but to elevate prices. However, this is why generic products are so popular. They feature the same active ingredients as their branded counterparts. So they are just as effective as branded products. And yet they can be acquired for only a fraction of the price because their makers do not have to carry the financial burden that the original creators of new drugs had to face when they first initiated their development processes.
