The last few months have been difficult for so many of us, with the pandemic situation causing significant strain on our worldwide healthcare teams and drug manufacturers struggling to keep up with demand. It is said that the prices of many household medicines are going to increase as we get further into the coming year and unfortunately it could be some time until things get truly back to normal for many of us. There are many reasons behind this price increase with one of the main ones being that the pandemic has simply put us behind the development and production rate of many medicines that we have some catching up to do.
I will be going over some of the factors that have resulted in this big change, but as we work harder and harder across many industries you should know that progress is being made on the journey back to normality. The medical industry has been in total chaos throughout the pandemic so it makes sense that the price change would occur now that more funding is required. It may not be ideal for everyone but unfortunately there is little that can be done to make a difference.
As mentioned previously the coronavirus pandemic is a huge factor when considering why the price of medicines is set to increase, the huge demand for medical supplies worldwide is something that many of us have had an experience within the last year and this just the tip of the iceberg in terms of how hard those in the medical industry have been working. As more and more people around the world are in need of drugs and basic supplies like PPE that were getting in short supply, priorities have shifted in making sure that medical providers had the tools they needed to treat the huge influx in illness around the globe.
Increased demand has placed a lot of stress on the industry making it harder to keep on top of the huge development plans that were previously in place. Where focus should have been on developing new drugs to innovate treatment options, companies had to place more of a focus on maintaining worldwide medical supplies thus causing a halt to any other projects.
Another economical change that affected the medical industry would have to be the Brexit situation, with the Uk leaving the EU and affecting trade options for many industries it became harder to rely on external companies for help. Trade was also affected which is a big source of medical supplies both going in and out of the UK, this is set to increase the price of many household goods and not just within the medical category.
The world seems to be in a fragile state right now which means that time must be given to allow for some sense of normality to return, if the medical industry needs extra funding to progress how it should then a slight price change to our medical supplies is the least that can be done.
Changes in Most Commonly Used Medicines
Another big reason why the cost of medicine is set to increase could be due to a societal shift in how much traditional medicines are used in the home. As we have seen a huge increase in the amount of people who are treating illnesses with new, more natural products that have entered the market. Health supplements have increased in users significantly in recent years as awareness of what they can do for your health is spread further. Products like CBD in particular have grown to be very heavily used in the home.
CBD is a completely safe to use product that has huge benefits for people suffering from pain, anxiety and sleep deprivation as it can have a soothing and relaxing effect on the body. With these issues often having quite strong treatments with strong side effects, a more natural product like CBD is going to be a better alternative.
This popularity however, has caused an increase in the pricing of many CBD products with many people questioning why CBD can be so expensive. I would argue that this is partly down to its popularity, but also due to the increased quality of the product. As more and more people use CBD to treat their issues the product has been developed to be of better quality meaning that it will cost more to manufacture and purchase.
Impact of the Coronavirus
As mentioned previously the coronavirus is a big reason why the price of medicines around the world is going to increase, not only because of the increased demand of basic supplies and disruption to development plans but because more and more people were in need of common household medicines. The coronavirus exhibits itself through symptoms that are similar to the flu or household cold, this meant that medicines and remedies for these issues were in low supply at many retailers and drug manufacturing companies had yet another issue to deal with.
Overall I would argue that the price increase will be a big help to these companies and help them get back on track with the stage they should currently be at in their work. If a slight price increase is needed to complete this work I would say that it is worth it in the long run, as medical development is something that we all eventually benefit from.