This was made apparent during questioning when overnight the 60 year old drug went from $13 per pill to the current $750 per pill. She states the cost is justified in order to do research and development for all of the disease that are…
Consumers of pharmaceuticals are affected by a number of factors that can alter and dictated their cost. The EpiPen increased its price by about $500 from the year 2007 to 2016, without the price being influenced by shortages or inflation (Babcock). The change that occurred was not justified by advancements because the exact same components that were being sold in 2007, were in the 2016 product. This presents inconsistencies and speculation. What could cause the rising cost to consumers, if it was not innovation, inflation, or scarcity?…
The United States drug regulations are a joke. The only developed country I 've heard about that allows monopolies in the pharmaceutical world. Literally allowing them to set their own prices on drugs that have the capability to save one 's life. Recently, I did some research on EpiPens and their outrageous price hike. Knocking on the door on what we may think is unethical and inappropriate.…
The Wall Street Journal writer, Drew Altman, states that “seventy-six percent of the public blames drug companies for high drug prices – with just ten percent blaming insurers” (Altman). Since the main buyers of medications are private insurers and the federal government, the pricing decision commonly does not consider the patient’s affordability. Pharmaceutical firms such as Medicare are not allowed to discuss prices with manufacturers while the Food and Drug Administration (FDA) does not consider cost in medication approval at all. Rare value and lack of alternatives influence high costs and “although some price increases have been caused by shortages, others have resulted from a business strategy of buying old neglected drugs and turning them into high-priced ‘specialty drugs’” (Pollack).…
In turn, pharmaceutical prices have also increased, as seen with the price of the EpiPen. Furthermore, a study done by the Congressional Budget Office emphasizes the lack of the output of new drugs in recent years, which highlights the need for an increase in further research and development (“Research and Development,” 2006). This being said, society’s need for new, innovative pharmaceuticals is only possible through further research and development, which requires sufficient funding from pharmaceutical companies that is attained through drug…
To which the general public will buy their medications from. “They are accusing 22 drug manufacturers of illegally conspiring to fix prices by offering discounts to health maintenance organizations and others but not to retail pharmacies.” “Freudenheim,…
Martin Shkreli (who is considered to some as the most hated man in America) is an entrepreneur is a CEO of a major pharmaceutical company that provides treatment for AIDs/ cancer patients. He is a business man who realized that he could make millions off these patients since there is no cure for these types of diseases. He saw the opportunity to raise the cost of these drugs from about $15 to an estimated $700 for each pill! I don't believe this is ethical and I'm sure there are many more companies doing the same.…
Well the reason for that is they need higher drug prices in order for them to have enough money for research. In some hospitals “ we often must pay deep money for medical research”. They make us pay so much more to help them find the research they need. They deduct us more for research to save others lives. Which you could look at that being a win win situation you get the drug which makes you feel better, and the money you spend on getting that drug can benefit another person because of the research they now can do.…
The health care industry has no regulations. Which means things like prescription medicine can have extreme price changes over night. Which has happened in recent years. The in article by Tom McKay called “Here 's How Much More the US Spends on Medicine than Everyone Else, in 6 Charts” he mentions how “The world has been repulsed by Martin Shkreli, the Turing Pharmaceuticals head and former hedge fund manager who bought the rights to the anti-protozoal drug Daraprim and raised the price by 5,500% overnight.” (McKay)…
The United States have spent far more money on the health care than any other countries. At 17.1% of their gross domestic product on health care, the United States devoted at least 50 percent more of its economy to health care than do other countries (Squires &Anderson, 2015). Even with so much spending on healthcare, people in the United States are still unable to afford the health care prices, particularly the need for prescription drugs. It is difficult for consumers who have already spent money on health coverage, and with high drug cost due to pharmaceuticals’ regulation on price increased the burden for patients to afford the drugs that they need. Drugs are created and manufactured by the pharmaceutical companies where they have the authority…
That’s part of the reason an aspirin in a hospital is $10. It is priced that way because, in the end, you will pay that amount since you have no other real choice in the matter (like buying food in the airport). This inflation of prices also helps offset those with no insurance who use the emergency rooms across the country as their primary care facilities, often with no ability to pay for the services they receive. Those added expenses are then passed on to those people who do have…
The trend of drug price increase is accelerating and steep. Pharmaceutical companies can charge as much as they want since there is no whatsoever price regulation in the US. Medicare was forbid to negotiate drug prices, and FDA does not take pricing into account for drug approval. On the contrary, Government overseas like Canada, Australia and European countries has implemented some sort of price regulations or price negotiations and also conduct their own evaluation of the therapeutic benefits of the drug. This kind of intervention with drug companies clearly shows in the pricing.…
Some have even added a new category to include specialty drugs where the patient has to pay more. All of these factors coupled with the rising drug prices, is making it extremely hard for patients to afford these prescription drugs. There was a poll conducted and almost a quarter out of 648 people said that could not refill a prescription in the past year because of the rise in costs. Those that are prescribed a brand name drug compared to a generic brand were also found not to comply with their regimen, and this obviously causes a decrease in their health outcome. The United States puts so much money into making these drugs that they do not put as much effort into actually making them affordable.…
Medical breakthroughs over the past century have given us innumerable ways to improve life. Vaccinations, anesthetics, and the invention of new diagnostic equipment were great steps forward in the medical field. Each discovery has lead to the next, and medical science has advanced exponentially. Today, with modern equipment and pharmaceuticals, life can be extended far longer than ever before. Unfortunately, with these advancements a question is raised.…
Why is Health Care Expensive? Today’s world revolves around money, whether it be for food, clothing, or bills. Hospital visits involve an extreme amount of money and appears to increase each day. People visit hospitals for illness, check-ups, broken bones, etc.…