Medicine, like other treatments, is essential to the wellbeing of people who have been injured or are suffering from an illness. While not all work towards curing a patient, many are tasked with managing their symptoms. Nevertheless, like all manufactured goods, there is often a tension between supply and demand, with companies looking to the perfect balance to ensure profitability.
Unfortunately, when demand increases too much, too quickly supply can struggle to catch up – leading to price increases. As such, many will need to ensure they have the cash to cover ongoing medical costs through TPD claims. A recent example is the shortage of metformin-based medicine.
Where has all the metformin gone?
In a recent announcement, the Therapeutic Goods Administration in Australia has warned consumers and health professionals that there is a shortage of metformin extended release tablets. These drugs are marketed under a number of different names in Australia.
The following medicines have limited availability at the movement:
The main issue surrounding the shortage relates to the lack of supply and the increase in demand. Suppliers now have very limited stock or none at all. The shortage is placing more pressure on other suppliers and manufactures in the market.
Metformin is used in the treatment of type 2 diabetes in adults and belongs to the group of medicines called biguanides. It is used both on its own and in conjunction with a number of other treatments, such as oral antibiotic agents and insulin.
Demand may increase price
Spikes in demand tend to lead to subsequent price increases as supply continues to shrivel. With medicine already expensive, many diabetes sufferers may need to seek compensation to ensure they can afford any increase.
Like many other debilitating diseases, diabetes can be a reason to seek Total or Permanent Disability (TPD) payments from your superannuation. While many people are unaware of TPD, by talking to an experience compensation lawyer you can understand how a claim works.
At Gerard Malouf and Partners, we understand the pain debilitating illness can cause to your emotional, psychological and financial situation. To help alleviate some of the stress that comes with making a claim, we offer a no win no fee guarantee. Rather than take payment from upfront costs, we receive remuneration based on the settlement you receive.
If you would like to know more about TPD claims, talk to an expert at Gerard Malouf and Partners today.