It’s the delivery system that demands the outrageous price hike. EpiPen’s main competitor, Auvi-Q, competed with Mylan to see who could charge the highest price for the same product. From May 2013, through October 2015, EpiPen and Auvi-Q…
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…
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.…
According to the New York Times, the cost of EpiPens has risen from $57 in 2007 to over $600 for a pack of two in 2016. EpiPens are vital to the safety of those who have life-threatening allergies to things such as bees or peanuts and it is recommended that their EpiPens be replaced every year. People with a need for EpiPens must find a way to pay the $600 for them when they expire each year. The dramatic increase in price is due to the monopoly that EpiPen has over the industry of epinephrine. After a company creates a unique drug, it is issued a patent that prevents any other sellers from entering the industry, giving the single company the power to charge whatever price that they see fit.…
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.…
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).…
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,…
Then Martin Shkreli claimed that the price increase was to help with the cost of researching. Which is absurd. Could you image if from one day to the next the medicine that you cannot live without had a price increase of 5,500 percent. That should not be allowed to happen to…
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 main aspect was the lack of competition that makes pharmaceutical companies easily to set up the price and it makes other companies to not compete against each other. These high prices are the result of the built-lack of competition because the U.S. and other governments give pharmaceuticals to have the good amount of time to develop a new drug (Taylor, 2015). The competition in the drug market nonexistent due to reasons that different pharmaceutical companies focus on a specific drug that other companies are not doing. To the pharmaceuticals, it all about making the profit. Without another company competing, that specific drug has more value to the consumer because it 's a necessity and they will be paying for the expensive drug.…
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.…
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.…
The same sentiments should also apply in the case of pharmaceutical price gouging. Indeed, Obamacare should look into reducing drug prices to ensure its survival in the American health care system (Pipes, 29). According to Generic Drug Price Gouging Theory, drug prices in the domestic markets are skyrocketing compared to international markets. For instances, drugs prices in the American market rose 11% higher back in 2011 compared to Canadian, France and Switzerland market, mainly due to American greed and the supply and demand. Resultantly, millions of Americans go without drugs every day due to unaffordable drug prices (Marcovici,…
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…
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.…