FDA Grants Florida Permission to Import More Affordable Medicines from Canada

The FDA recently approved a plan that permits the state of Florida to import some drugs from Canada at lower prices than the medications that can be acquired in America. It is a well-known fact that the cost of drugs in the United States is high, with numerous studies finding that in comparison to other developed countries, America spends significantly more on prescription medications.

One analysis by the Government Accountability Office determined that the prices of most prescribed medications were almost three times higher in America than in Canada.

Various factors help determine the exact amount every patient pays for their prescription drugs, including whether the drugs needed have generic counterparts as well as their insurance plan. Generic drugs make up 80% of total drugs prescribed in America and are far more affordable in comparison to brand-name drugs.

There are a number of reasons why medication prices are lower in Canada, the primary one being that the government has negotiated prices with drug firms, which is something America has yet to do. This may soon change under the inflation reduction act, which will allow the United States to negotiate the costs for some medications for Medicare patients.

Currently, every insurer works out drug plans with pharmaceutical companies, which causes prices that patients pay for drugs to vary. These negotiations often happen through intermediaries and pharmacy-benefit managers who receive a cut that increases the total cost of medications.

The new program in Florida will allow for the importation of drugs that target chronic diseases, including psychiatric disorders, HIV/AIDS and prostate cancer. Latest figures show that this program will help patients save more than $180 million annually on these medications.

It is important to note that the program will be limited to residents in the state who receive government or state-administered health care, including patients at health departments in different counties, inmates and Medicaid. Uninsured or privately insured individuals in Florida and those out of state will only be able to access prescription medications imported from Canada by buying them directly from online pharmacies in Canada.

The Food and Drug Administration has guidelines on when individuals are allowed to import medications, as it is not legal to do so in the United States.

PharmacyChecker president Lucia Mueller revealed that inhalers, blood pressure drugs and nonrefrigerated diabetes drugs are common medications that individuals import. PharmacyChecker is a company that compares the prices of medications in the United States and vetted global pharmacies.

If more manufacturers, such as SOHM Inc. (OTC: SHMN), enter the generic medicine manufacturing business, some of the high costs that patients bear in accessing the vital treatments that they need could be reduced.

NOTE TO INVESTORS: The latest news and updates relating to SOHM Inc. (OTC: SHMN) are available in the company’s newsroom at https://ibn.fm/SHMN

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