Pharmaceutical Cost Research Paper

Decent Essays
Shame on you, America! Letting pharmaceutical companies monopolize the industry, price gouging our elderly, making people choose between purchasing needed medications and groceries. Why are people being forced to choose between their health and their homes? We are America, the land of the free, opportunity, and now the land of greed! What is the reason behind the high-priced medications and how do pharmaceutical companies justify their horrific cost. How, as Americans do we deal with the rising pharmaceutical cost? It’s time America, we stop trying to be bigger and better than everybody else and take care of the American people first! We have so many questions when it comes to pharmaceutical prices continuously rising here in America.…show more content…
Does having choices leave Americans open for being taken advantage of or is this a lack of federal regulations? Our sister country Canada Health has a drug review board to assist with keeping price points in line for the Canadian people. The drug review board for Canada assesses all new prescription drugs on the market and determines how effective the drug is compared to the relative drug that is already on the market. After adequate research the Canada Health system decides what they are willing to pay for the drug; if they are unable to reach an agreement that prescription is not allowed to be provided with in the country and an alternative approved drug will be used in its place. As of right now for us in the United States, our hands are tied; private and even federal-government provided insurance Medicare, cannot by law negotiate prices with pharmaceutical companies (Kounang). What would happen if the American government stepped in and placed a cap on pharmaceutical cost? According to the health care economist at the University of Connecticut; American’s would not see the negative effects of price regulations on prescription drug cost right away. Price regulations would delay the roll out of new life saving drugs to people who need them, cutting prices by 40% to 50% in the United States alone would lead to 30% to 60% fewer early stage research and development projects. When calculated, if the United States had set drug prices it
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