Drug prices have been a significant contributor to rising health costs recently.
ID: 3445315 • Letter: D
Question
Drug prices have been a significant contributor to rising health costs recently. This article explains why medicine costs so much in the U.S. Pharmaceutical companies say they need these higher prices to fund research and development. Critics say this is price gouging. With which side do you tend to agree? If you believe drug prices are excessive, what would you propose to curb them? provide clear opening and conclusion
refer to why medicine cost so much in america.
Why medicine costs so × LTX file ///C Users jara Downloads/Why%20medicine %20costs%200%20 uch 20 %20A mera.pdf hy medicine costs so much in America - Vox http://www.vox.com 2015V12/1810581682/drug-cost-prices-set-us Vox Why medicine costs so much in America Updated by Julia Belluz on December 18, 2015, 10:40 a.m. ET y @juliaoftoronto julia.belluz@oxmedia.com Type here to search 04 6:19 PM 1/29/2018 3Explanation / Answer
Medical Industry from being a service oriented industry has become profit generating multinational corporations. People from all over the world depend on them if they are the single player in the market. Almost all the developed countries have lost their control over the private sector corporate companies because of their free market policies, besides, these companies decide who will make policies.
Although the medical companies that make drugs say that they spent more money in research and new drugs, they can’t sell live saving medicines for a higher price. This monopoly in the medicine market will cause more deaths than saving many lives. The purpose of the medicine is to save life and if it doesn’t serve the purpose, why develop it? It’s ok if they sell it for a reasonable price but if it is sold for a multifold price, it is an unjust act.
One of the basic rights of every citizen in a country is to get decent healthcare for a cheaper cost and one of the foremost duties of a government is to provide equal medical facility to all its citizens free of cost. Only if rich can afford and live, what’s the value of the life of the poor and the middle class.
In order to overcome this, governments should ensure that the prices of the drugs are regulated by it, government sets-up its own research and development wing for medicines and provide them free of cost, allowing more companies to enter the market in order to break the market monopoly by single players and ensuring the availability of life saving drugs without any negotiation but bearing the cost from the government.
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