Essay On Prescription Drug Industry

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The rise in cost of prescription drugs affects all sectors of the health care industry, including private insurers, public programs, and patients. Spending on prescription drugs continues to be an important health care concern, particularly in light of rising pharmaceutical costs and the aging population. Prescription drugs have grown to become an essential component of health care. For millions of Americans, prescription drugs are necessary to their health and ability to function in society. While prescriptions are a relatively small portion of overall health spending, they are a main reason for certain health spending trends, growing almost twice as fast all other health services in recent years. Prescription costs can be the costliest expense in your budget, especially if you are on a fixed income. The wealthy can easily afford their medications, but for an increasing population such as the elderly, choosing among purchasing medication, paying bills, or buying food is a real concern. Rising prescription drug prices are driving nearly two million Americans to cross international borders to seek necessary medications. Some are physically venturing into Canada and Mexico for the pharmaceuticals, while others are turning to mail-order pharmacies via the Internet. Purchasing prescriptions from Canada and Mexico is markedly less expensive than buying them at your local pharmacy or from a U.S. online pharmacy; however, the question is why? The why is what economists call price discrimination. It means charging different prices to different buyers of the same product. Price discrimination works in the drug industry because drugs are very expensive to develop, but inexpensive to manufacture. American consumers are exhauste... ... middle of paper ... ...rm debate. The Pharmaceutical Research and Manufacturers of America have lobbied against legislation to allow drugs from other nations into the United States. Prescription prices in America have increased beyond affordability and are hindering the health of the nation. Americans are forced to bear the burden of research costs and are being turned into deviants and white-collar criminals. By ridding the monopoly of the pharmaceutical companies and evening the prescription prices throughout the globe, the drastic increase in prescription prices can be prevented. Even just passing legislation that in fact allows Americans to decide their own fate when it comes to their prescription medications, would have a drastic impact on pharmaceutical pricing. After all isn't it the point of the government to stand up for its citizens and care more for them, not its business.
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