The Economic
Implications of Buying Drugs Online - Canadian and US Internet
Pharmacies For Generic and Name Brands
March 3rd 2006
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Although the Internet is fairly new (at least to the mainstream) online
shopping has grown by leaps and bounds. Now you can buy almost anything
you need, from food to fishing equipment, right through your computer.
Of course, this has meant that commerce has been forced to adapt to the
changing consumer landscape and some industries have been scrambling to
catch up with the crowd.
It is no different for the pharmaceutical industry as online pharmacies
appear to be popping up everywhere you turn. The prevalence of online
pharmacies is a hot topic, especially when it comes to foreign-based
companies selling prescription and non-prescription drugs to Americans
for lower, more affordable prices. But in addition to foreign-based
online pharmacies are a growing number of U.S. based companies offering
medication to Americans making it easier and more convenient to
receive much needed prescription drugs.
What impact does this reality have on the drug industry in general and
are the changes positive? The answer depends on what aspect of the
industry you are involved in. Essentially, pharmaceutical companies who
sell their products through traditional brick-and-mortar operations are
worried that online pharmacies are only going to keep growing taking a
large bite out of their piece of the pie. For the most part, although
the FDA and the big drug companies talk about safety issues and the
legality of cross-border drug transactions, it really all comes down to
money. It’s no wonder many companies, such as Pfizer, are threatening to
restrict supply to Canadian pharmacies that sell discounted drugs to
Americans in an effort to scare these pharmacies out of their revenue
stream.
Trends do seem to point in the direction of continual growth unless
something happens to dampen the excitement the online pharmaceutical
industry is currently experiencing. Since the 90’s the industry has
continued to flourish. For example, sales of Canadian drugs to U.S.
citizens alone have skyrocketed over the billion dollar mark in the past
few years and all signs point to this trend enduring. In addition,
although these numbers only represent a dollar volume of 0.35% of the
total annual U.S. prescription drug market, if Americans continue to use
online pharmacies to fill their prescription drug needs it will have a
big impact on the industry as a whole.
And of course, countries such as Canada are enjoying the benefits of a
large consumer base that has a reason to bring their business north.
Many American online pharmacies even offer customers the option of
obtaining Canadian drugs for lower prices through their sites. As you
can see, people are being given more choices than ever before when it
comes to buying prescription medications. Much of the power to control
drug prices is slowly being taken away from the pharmaceutical companies
and put into the hands of the people that matter the most the
consumers.
Organized pharmacy groups are beginning to voice concern over the
practice as they see the economic consequences of such a trend, and the
whole idea of drug distribution, as well as how certain goods, services
and funds are transferred across the border. The main reason many people
are flocking to online pharmacies is to save money. If the
pharmaceutical industry wants to stay on top of things and keep
customers buying the drugs they need through U.S. sources, they will
need to change with the times by facilitating the introduction of more
online pharmacies that cater to the U.S. market from within the U.S.
They will also need to be open to more competition within the
marketplace, and most importantly, make it more affordable for the
average American to purchase the prescriptions they require.
It is clear that online pharmacies, both foreign and those based in the
U.S., are in a position to benefit from an ever-increasing amount of
business. Individually, consumers save money on drugs and can afford to
put more money into the economy through other industries. Online
pharmacies usually offer more choices especially in the way of generic
drugs, and make it extremely easy for patients to obtain the
prescription drugs they seek. Some senior citizens find it more
convenient to shop online than venture out to the local pharmacy. At the
same time, most people still choose to go the traditional route and buy
their drugs in their own neighborhood, which still takes up the largest
part of the market.
While online
pharmacies are growing at an exponential rate, it will still be some
time before a major shift from buying locally to buying online occurs
that will drastically alter the way the pharmaceutical industry
functions. In the meantime, consumers will no doubt continue to consider
the options that are most economically beneficial to them.
Katerina Mitrou
This article was
written by Katerina Mitrou sponsored by
http://www.rxcarecanada.com/, a Canadian pharmacy online.
RXcarecanada.com takes the search out of your research by providing you the
lowest prices on medication. Reproductions of this article are encouraged
but must include a link back to
http://www.rxcarecanada.com/.
Contact Katerina
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