Published Date : Apr 12, 2016
Dermatology has always been a medical field that derives great interest from patients and other consumers. The skin is not only the largest organ of the human body, but it is also the most visible. Any problems with the skin are directly visible to others, creating social barriers and anxiety due to the presence of such skin disorders. Whether it is something as benign as a pimple or face and body acne, or something uncomfortable to bear and to see, such as skin cancer or psoriasis, the industries related to dermatology are in constant search for the next best drug or treatment for the skin diseases. While the medical advancements have been accelerating at much faster rates than before, they are of little to no concern to the common patient, who is facing a completely different and unavoidable problem, especially in developed countries such as the U.S.
Drug Prices Continue to Escalate
Ever since the Turing Pharma debacle over the price hike of an extremely important drug, all eyes have been focused on the proceedings in the pharmaceutical industry and the healthcare industry over the pricing of certain drugs and therapies. In the field of dermatology, there have been drugs that have shown an increase in price of more than 170% in a span of seven years. These price hikes have gathered the ire of all public, while companies seemingly continue increasing the prices of their patented drugs. For instance, the sales price of psoriasis and impetigo drugs sold by GlaxoSmithKline, have more than doubled within six years.
Insurance Complications Amid Drug Hikes
A major issue faced by the industry of dermatology is the high price associated with manufacture and sale of medical devices. This is due to the high taxes applied to the devices. Another complication in the sale of drugs and therapeutics in dermatology is the policies that insurance companies are adopting. A lot of U.S. insurance companies are taking out their coverage from certain drugs that were earlier listed in their healthcare plans. A lot of these drugs are from dermatology therapeutics, leaving a majority of patients to have to pay for the exorbitantly priced drugs from their own pockets.