Drug Industry And Its Effects On Drugs Essay

1043 Words Nov 1st, 2016 5 Pages
A drug named Daraprim price was raised by 5000%, from $13.50 to $750 per pill. Many cases similar to Daraprim have happened, and a pattern of massive price increase of many life saving drugs by pharmaceutical companies becomes apparent. Expensive drugs had forced patients to make difficult choices, either to cut down basic needs to save money to buy the needed drugs, or to cut down the use of the drugs itself. Americans start blaming drug companies of price gouging and call for drug prices regulation by government. Drug companies, on the other hand, blame health insurance companies for shifting the cost of purchasing drugs to patients. To fix this issue of ridiculous skyrocketing prices on drugs, there must be regulation on the prices of drug market.
It is normal to see drug companies raising drug costs, even on old drugs, due to research to improve the drug, market place pricing, generic options, manufacturing cost changes, as explained by Pfizer on its informational website http://www.pfizer.com/pfizer-pricing. However, the real problem recently is that they are jacking the prices, or doing multiple price increase multiple time a year. Johnson & Johnson raised its price on several top-selling drugs, such as Imbruvica for treating leukemia, Invokana for treating diabetes, Xarelto for blood anti-clotting. Other big companies including Amgen, Gilead, Celgene also hike their drugs list prices (Thomas Katie). List prices for drugs increases more than 12% in 2015, more than the…

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