James, you raise interesting points out pharmaceutical pricing, as well as more general pricing issues in our healthcare system. Unfortunately, healthcare costs have been rising dramatically for a wide variety of reasons. Rationing is already occurring whether we acknowledge it or not. Wait times themselves can be seen as a form of rationing. Every provider and healthcare professional must prioritize and decide what tasks to accomplish during a shift, and something will inevitably not be completed to the best extent possible due to limited resources available.
Even a simple decision such as drug pricing has wide ethical implications. On the pharmaceutical side of the cost equation, we are now beginning to see drug shortages. Drug shortages, such as those involving antibiotics or other medications deemed as essential medications, have been occurring quite frequently in recent years (Quadri et al., 2015). The increasing use of medications in combination with decreased reimbursement rates for drugs with generic options exacerbate the problems (Traynor, 2016). The reduced profit a company may make with an older drug with generic alternative is often low in comparison to newer drugs. This may lead to decreased in the overall production of the drug and companies still making the drug could drastically …show more content…
(2016). Fail often, fail big, and fail fast? Learning from small failures and R&D performance in the pharmaceutical industry. Academy Of Management Journal, 59(2), 436-459. doi:10.5465/amj.2013.1109
Quadri, F., Mazer-Amirshahi, M., Fox, E. R., Hawley, K. L., Pines, J. M., Zocchi, M. S., & May, L. (2015). Antibacterial Drug Shortages from 2001 to 2013: Implications for Clinical Practice. Clinical Infectious Diseases, 60(12), 1737-1742. doi:10.1093/cid/civ201
Traynor, K. (2016). Drug price hikes and shortages have similar roots, experts say. American Journal of Health-System Pharmacy, 73(3), 98-99 2p.
Even a simple decision such as drug pricing has wide ethical implications. On the pharmaceutical side of the cost equation, we are now beginning to see drug shortages. Drug shortages, such as those involving antibiotics or other medications deemed as essential medications, have been occurring quite frequently in recent years (Quadri et al., 2015). The increasing use of medications in combination with decreased reimbursement rates for drugs with generic options exacerbate the problems (Traynor, 2016). The reduced profit a company may make with an older drug with generic alternative is often low in comparison to newer drugs. This may lead to decreased in the overall production of the drug and companies still making the drug could drastically …show more content…
(2016). Fail often, fail big, and fail fast? Learning from small failures and R&D performance in the pharmaceutical industry. Academy Of Management Journal, 59(2), 436-459. doi:10.5465/amj.2013.1109
Quadri, F., Mazer-Amirshahi, M., Fox, E. R., Hawley, K. L., Pines, J. M., Zocchi, M. S., & May, L. (2015). Antibacterial Drug Shortages from 2001 to 2013: Implications for Clinical Practice. Clinical Infectious Diseases, 60(12), 1737-1742. doi:10.1093/cid/civ201
Traynor, K. (2016). Drug price hikes and shortages have similar roots, experts say. American Journal of Health-System Pharmacy, 73(3), 98-99 2p.