Drug Prices & Morality
Martin Shkreli is now known as one of the most hated man in the world. This man bought the rights to a drug called Pyrimethamine or more commonly known as Daraprim. Daraprim is a common drug used to prevent the PCP in people with HIV and AIDS. Daraprim was also used to prevent malaria. The pressing issue of this is that Martin had raised the price of this drug from a mere $13.50 per pill to a staggering $750 per pill. This is a 5000 percent increase. This issue is explained simply through supply and demand. When only one person or one company is the only supplier of a drug that is a complete necessity for some, they can make the price whatever they want and the people have no choice but to pay or get sicker and possibly …show more content…
The essence of being a good person is to grow and help those get to a successful point like where you are at. Let's use Bill gates as an example. Bill Gates is now known as the richest man in the world. He is worth $89.90 billion USD. Bill Gates is looking to spend $1.5 billion USD to eradicate polio completely. He is also funding countless other projects such as clean water and sanitation projects in Africa. Now it may not look like him spending that much money will put a dent his pocket, and in all reality, it probably won't. He is still going to be the richest man on earth after spending that much money. Despite him not losing much it shows character. He stated in an interview with Jimmy Kimmel that he would like to donate all the money he has to countless charities by the time he dies. He did not make this money through filthy cheap tactics like some have done. He made this through persevering through a slump. He is an honest man and it shows. This is the complete opposite of Martin Shkreli. Martins whole scheme goes beyond just simply raising the price of a drug. He was later found guilty of securities fraud. So obviously, people don’t just start doing bad things. Mr. Gates has always been true to his employees and his company. Martin Shkreli, on the other hand has lied and manipulated the people that had helped and worked to get him to where he …show more content…
When the supply is high and demand is low then prices will drop. When demand is high supply will decrease and prices will rise. The way this is controlled is through competition. Companies are forced to lower prices to stay in business along with the other companies. In the case of prescription medicine there is usually a sole provider and multiple consumers. This is the problem with medicine today. The only way that this drastic increase in price will stop is if there were multiple companies producing these drugs to create competition for consumers. The people who are at the top of the "food chain" are there because of the people. Then to use them as if they are an object is disgraceful.
In 2015, because dug prices were increasing so rapidly, Congress started trying to make some changes. There was a budget deal signed by President Obama where the new penalty for such price increases on generic drugs, basically amounts to additional rebates that generic drug manufacturers would have to pay if the price of a generic for a given quarter outpaces the inflation-adjusted baseline Average Manufacturer
Martin Shkreli is now known as one of the most hated man in the world. This man bought the rights to a drug called Pyrimethamine or more commonly known as Daraprim. Daraprim is a common drug used to prevent the PCP in people with HIV and AIDS. Daraprim was also used to prevent malaria. The pressing issue of this is that Martin had raised the price of this drug from a mere $13.50 per pill to a staggering $750 per pill. This is a 5000 percent increase. This issue is explained simply through supply and demand. When only one person or one company is the only supplier of a drug that is a complete necessity for some, they can make the price whatever they want and the people have no choice but to pay or get sicker and possibly …show more content…
The essence of being a good person is to grow and help those get to a successful point like where you are at. Let's use Bill gates as an example. Bill Gates is now known as the richest man in the world. He is worth $89.90 billion USD. Bill Gates is looking to spend $1.5 billion USD to eradicate polio completely. He is also funding countless other projects such as clean water and sanitation projects in Africa. Now it may not look like him spending that much money will put a dent his pocket, and in all reality, it probably won't. He is still going to be the richest man on earth after spending that much money. Despite him not losing much it shows character. He stated in an interview with Jimmy Kimmel that he would like to donate all the money he has to countless charities by the time he dies. He did not make this money through filthy cheap tactics like some have done. He made this through persevering through a slump. He is an honest man and it shows. This is the complete opposite of Martin Shkreli. Martins whole scheme goes beyond just simply raising the price of a drug. He was later found guilty of securities fraud. So obviously, people don’t just start doing bad things. Mr. Gates has always been true to his employees and his company. Martin Shkreli, on the other hand has lied and manipulated the people that had helped and worked to get him to where he …show more content…
When the supply is high and demand is low then prices will drop. When demand is high supply will decrease and prices will rise. The way this is controlled is through competition. Companies are forced to lower prices to stay in business along with the other companies. In the case of prescription medicine there is usually a sole provider and multiple consumers. This is the problem with medicine today. The only way that this drastic increase in price will stop is if there were multiple companies producing these drugs to create competition for consumers. The people who are at the top of the "food chain" are there because of the people. Then to use them as if they are an object is disgraceful.
In 2015, because dug prices were increasing so rapidly, Congress started trying to make some changes. There was a budget deal signed by President Obama where the new penalty for such price increases on generic drugs, basically amounts to additional rebates that generic drug manufacturers would have to pay if the price of a generic for a given quarter outpaces the inflation-adjusted baseline Average Manufacturer