Drug Company Ethics And Consumer Hardships

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Drug Company Ethics and Consumer Hardships In the United States, consumers are now spending upwards of 200 billion dollars a year on pharmaceutical drugs, and this number is slated to increase by 12-15% each year in the coming decade (Hoey 1). Many life-saving and essential drugs for consumers tend to get quite expensive depending upon the type of treatment prescribed to that patient. Depending upon market variables, including mergers, and buyouts, drug prices will have a greater chance of going up in price due to less competition in these cases. Most generic drugs that are manufactured have to delay release of these live-saving drugs until the much larger drug companies are able to make a substantial profit first. The real issue for many consumers is that the ones paying for premium health insurance plans will feel the effects of these price increases first as prices rise. Most elderly folk, or anyone covered under Medicare and Medicaid have some semblance of price protection from several federal acts of law to help maintain reasonable price points. However, even with regulations in place, some companies and drug entities are able to delay drug approvals with the FDA shorting stocks and betting on the loss of other smaller companies. These practices endanger the consumers at all levels as drug companies increase the cost of life-saving pharmaceutical drugs causing extreme hardships for patients, the delay of drug releases affecting consumer care, the potential for paying
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