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Author Topic: can bitcoin / eth change pharmaceutical prices?  (Read 1893 times)
deliveryman
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February 09, 2017, 09:45:23 PM
 #1

when i read the news it makes me sad that some medicine cost so much in america and europe while in india its just a few dollars.
i am wondering if bitcoin / ethereum can change this and if someone knows why these prices are so high??? IS it because of the licenses?
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February 09, 2017, 10:22:32 PM
 #2

Changing the currency used for pricing is not going to magically make the prices lower. Cryptocurrencies and blockchains are not some kind of magical catch all that solves all financial related problems.

The reason medicine costs so much is due to regulation and competition. The lack of competition and the lack of anti-monopoly regulation simply causes prices to rise as businesses charge more and more because they can. This is simply economics, it has nothing to do with currencies.

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February 10, 2017, 04:39:24 AM
 #3

i dont think that its has an affect or that it would change the price .. unless some currency changes are involved
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February 10, 2017, 07:45:05 AM
 #4

In india 1$ is about 60 Indian rupees i think its depended on currency. i am just wondering how bitcoin can help us to decrease the prices. 
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February 10, 2017, 07:58:32 AM
 #5

when i read the news it makes me sad that some medicine cost so much in america and europe while in india its just a few dollars.
i am wondering if bitcoin / ethereum can change this and if someone knows why these prices are so high??? IS it because of the licenses?

You are seeing the price in india as cheap because as said above conversion of usd to inr is high 1 usd is nearby 65+ inr so it make cheap for america and europe purchasers but in india it is costly. and more over it is true that their is no relation between cost difference and bitcoin currency, ya but one thing can be done is the cost will be same in all country if it is quoted in bitcoin and ethereum but the same will be when you convert the value of this cryptocurrency to the respective fiat currency cost.
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February 10, 2017, 05:25:02 PM
 #6

I don't see how it can, the prices are just an equivalent of the dollar prices.
If you're living in the US, you're still dependant on US suppliers, if you want to buy medication legally.

Now, if you're in a really bad spot financially, it might be better to just go to Canada for your medicine.
This is also illegal strictly speaking, but I've heard that customs usually lets these things slip, but don't take my word for it.


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February 10, 2017, 06:16:38 PM
 #7

when i read the news it makes me sad that some medicine cost so much in america and europe while in india its just a few dollars.
i am wondering if bitcoin / ethereum can change this and if someone knows why these prices are so high??? IS it because of the licenses?

As you said, its about licenses. You can try to buy a medicine on India and it will be shipped to your country, on your country customs office, they will stop your package (saying that is ilegal), or they will charge you an high value. Its the same problem if you pay with dollars or with bitcoins.
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February 11, 2017, 09:31:25 AM
 #8

No, bitcoin can't change the price of pharmaceutical or medicines.

Maybe the price in US is high because they are covered by their health insurance company.
While in India, perhaps consumers are not covered by it. Another is the patent law.
We all know that US is very strict in issuing a patent so maybe the pharmaceutical
company wants to regain the money they spent in applying and researching the new
drug and getting a patent so they charge high prices for releasing it in the market.

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February 19, 2017, 06:17:11 PM
 #9

Thay are cheap in India becouse thay are manufactured there,there are to kinds of same pharmaceutics,one expensive with therapeutic qualities for developed countrys and second one cheap without therapeutic qualities.But i will rather want to see change in all pharmaceutics industry


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February 20, 2017, 05:26:58 PM
 #10

The solution to the problem you are talking about is a global economical revolution, the prices are defined as :

-Demand: the higher it is, the higher the price will be.
-Offer: The higher it is, the lower the price will be.

Now there are several side factors that affects the prices drastically :

- Manufacturing unit position. (this is why it is cheap in India)
- Tax and customs policy.
- Licensing and development.

What is the effect of currencies on the prices :

- The impact of currencies have no real incidence on the price itself, in reality, it have no influance at all as the formula is (extended):

Suppose :

Product developed in India
Product manufactured in India
Raw materials produced in India
Company HQ in India
Customers in France, USA, GB, Germany, China, Japan

R&D cost (construction + research) + ManufacturingUnitsCost (construction costs if new) + Marketing = Global Development Costs
(RawMaterialPRice + ProductionCost) / ProductionQuantity = Manufacturing Cost
GlobalDevelopment Costs / Manufacturing Cost = Global PRoduction Cost

We apply a 30% profit margin Sellingprice = GlobalPRoductionCost * 1.3

Suppose :
Customs price in :
    France 5%
    USA 5%
    GB 5%
    Germany 5%
    China 0%
    Japan 0%

Export price = (SellingPrice (taxFree) + ShippingPrice) * 1.(CustomsRate)

Now here is the difference, plus the other Taxes locally like VAT.


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February 20, 2017, 07:28:25 PM
 #11

It is not only about price of pharmaceutics, it is about basic economic differences between countries.

To start, I would like to bring up some data I collected.

- Minimum Wage in Delhi - for unskilled worker is roughly 9724 Rupees ($145.28) per month.
Source: http://www.paycheck.in/main/salary/minimumwages/delhi/minimum-wage-in-delhi-with-effect-from-october-1-2016-to-march-31-2017

- Minimum wage in New York is currently $9.70/hr, if you are working 40hr/week it will be $1552 per month.
Source: https://www.minimum-wage.org/states.asp?state=New%20York#posters

So if we just base our comparison on minimum wage alone...
How do you expect that people in India would be able to purchase pharmaceutics if their cost would be exactly the same like in the US?
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February 21, 2017, 12:41:48 PM
 #12

I'm not even seeing it from the price angle, in my country there are alot of fake drugs in circulation because of corruption at the top and I can see blockchain playing a very good role in validation the validity of these drugs, if the bar code is on Blockchain any buyer can just input the code and confirm the originality of this drug
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February 21, 2017, 02:37:39 PM
 #13

Theres no connection between the value of medicines on different places into crypto currencies they do really differ in value since it depends on the demand on a certain medicine and the taxes have been imposed on a certain place or country. Bitcoin and ETH has nothing to do these things actually.


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February 21, 2017, 11:30:31 PM
 #14

I think is very imposible if bitcoin/eth can changer pharmacetical price
or very imposible is replace fiat money dollar/euro in payment pharmaceutical industry

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February 22, 2017, 06:28:48 AM
 #15

Bitcoin won't help the prices of these pharmaceutical drugs in anyway. It can help in getting access because of the ban on some of these drugs in some countries

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February 22, 2017, 12:14:58 PM
 #16

Your so much hook with crypto-currencies and you must think this also, does drugstore nor medical institution accept bitcoins nor ethereum? I think no and eventhough how high the price of both crypto's named still it doesn't have any good or bad effect on pharmaceutical prices and the decent explanation on that is thru monopoly on each country.

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April 30, 2018, 06:33:52 AM
 #17

Nowadays the purchase capacity of Indians has increases for an example the minimum wages in Delhi has increased from 9700 rs to 18332 Rs for skilled workers, for remaining workers also it is more than 15000 Rs. this data is as per the latest Delhi minimum wages 2018 details.
http://www.hrcabin.com/delhi-minimum-wages/
So at present scenario, it is not difficult to buy pharmaceuticals in India when compared to the US. And the trends in India are also showing the increase in purchase power of Indians.
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April 30, 2018, 11:31:15 AM
 #18

when i read the news it makes me sad that some medicine cost so much in america and europe while in india its just a few dollars.
i am wondering if bitcoin / ethereum can change this and if someone knows why these prices are so high??? IS it because of the licenses?
This is a discussion I will like to gain more insight on really....
I am from Nigeria and when my friends come visiting from America,they tend to buy lots of some  drugs to take over and I am like why and they say it's too costly over there. Seriously it baffles me.
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April 30, 2018, 11:32:54 AM
 #19

The solution to the problem you are talking about is a global economical revolution, the prices are defined as :

-Demand: the higher it is, the higher the price will be.
-Offer: The higher it is, the lower the price will be.

Now there are several side factors that affects the prices drastically :

- Manufacturing unit position. (this is why it is cheap in India)
- Tax and customs policy.
- Licensing and development.

What is the effect of currencies on the prices :

- The impact of currencies have no real incidence on the price itself, in reality, it have no influance at all as the formula is (extended):

Suppose :

Product developed in India
Product manufactured in India
Raw materials produced in India
Company HQ in India
Customers in France, USA, GB, Germany, China, Japan

R&D cost (construction + research) + ManufacturingUnitsCost (construction costs if new) + Marketing = Global Development Costs
(RawMaterialPRice + ProductionCost) / ProductionQuantity = Manufacturing Cost
GlobalDevelopment Costs / Manufacturing Cost = Global PRoduction Cost

We apply a 30% profit margin Sellingprice = GlobalPRoductionCost * 1.3

Suppose :
Customs price in :
    France 5%
    USA 5%
    GB 5%
    Germany 5%
    China 0%
    Japan 0%

Export price = (SellingPrice (taxFree) + ShippingPrice) * 1.(CustomsRate)

Now here is the difference, plus the other Taxes locally like VAT.
Hmmn.... interesting insight
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April 30, 2018, 01:41:27 PM
 #20

when i read the news it makes me sad that some medicine cost so much in america and europe while in india its just a few dollars.
i am wondering if bitcoin / ethereum can change this and if someone knows why these prices are so high??? IS it because of the licenses?

It can and it cannot. It actually depends on the administration of the president of thr country or state. Making btcor eth as process of payment will not just reduce it that fast. It takes time and a lot of analytical study.


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