Pharmaceuticals are arguably one of the most contentious of all goods and services traded in the market. While medicines are as much a necessity as foods and water, they require more technical expertise and official approbation in the manufacture. Above all, they carry a moral weight that most market products do not (The Economist, 2014). This idea of moral can be linked to the recurring debate over whether a good health (which is represented by medicines, in this case) should be considered a basic human right, or just a normal commodity. A large portion of such controversy actually lies in an existence of drug patents: should we promote for longer-lasting patents or should we have their duration shortened?
In 2007, the pharmaceutical industry spent approximately $4.8 billion dollars a year advertising prescription drugs directly to the public (ProCon.org 2005). A study by two York University researchers estimates the U.S. pharmaceutical industry spends nearly twice as much on promotion as it does on research and development (York University, 2008). Why do they spend so much money marketing to the consumer? The simple answer is profit. Like any other business pharmaceutical companies are out to sell a product and make money. The primary concern of the pharmaceutical industry is not the welfare of the consumer but convincing them to take their drug. In order to eliminate this conflict of interest the pharmaceutical industry should be banned from directly marketing their products to the consumer.
Prescription drugs become America's new legal drug abuse problem. 1.) The U.S. Makes up 5% if the world's population, yet consumes more than 75% of the own world's prescription drugs, and more people thought that since it is pre-scripted by doctors, it won't be as harmful to take as much as they want a day. 2.) 50 Million people in the U.S. age of 12 and over, have used prescription drugs non-medically in their lifetime. 3.) According to pharmaceutical industries, it rakes about billions of dollars per year producing drugs to treat symptoms, like how the pharmacy, Big Pharma, raked $711 billion. This article is important because it talks about different people's experience with prescription drugs and how pharmacies are getting paid chunks
It may sound unbelievable that Big Pharma has tremendous influence over everybody. However, we can see advertisements and commercials everywhere around us. Commercials on television market the drugs to society by depicting nice surroundings and happy consumers. This plants subliminal messages into our brain that subconsciously affects us, telling us that this drug will produce happiness when we take it. Even ads on billboards and newspapers affect the way we see drugs. All these messages tell us that we need drugs in order to be happy in life like the mom or children depicted on T.V. Every year, the pharmaceutical industry spends over $3 billion on consumer ads and the price is nothing compared to the billions of dollars the ads help rake in.
The CDC reports show that in 2010, 48 million Americans, many of them seniors, despite large generic drug availability, could not take their prescribed medications due to their high costs (Mukherjee). Costs are expected to rise each year, with no end in sight. Some have proposed a public interest policy allowing Americans to reimport prescription drugs at lower costs from Canada. While this would relieve Americans’ wallets, without direct FDA supervision, this could be dangerous. American drug companies’ resulting decreased budgets could potentially cancel future innovation and R&D projects, ultimately leaving even more people unhealthy.
The medical industry, with one of its sole purposes is to keep us safe and alive is killing America at an ever quickening speed. As a society we have discovered and created vaccinations, medical equipment, medications and treatments which are able to prevent diseases and save peoples’ lives from so many different dangerous situations under the sun. Recently the hand of greed has reared its ugly face in the form of drug companies like Mylan, the sole producer of the Epinephrine auto-injector, EpiPen.
The increasing cost of prescription drugs has become a major concern for prescribers, patients, payers and policy makers in the United States. The U.S is the leader in research and development of lifesaving prescription drugs that are important clinical breakthroughs, but are also very costly. Prescription drug prices in the United States are among the highest in the world. The reason drug prices are higher in the U.S is that we do not have a national healthcare system that negotiates with the pharmaceutical distributors. U.S drug price negotiations occur between the distributors and insurance companies. This has led to controversy among the leaders and citizens of the U.S on whether or not the government should play a role in prescription drug pricing.
It has been estimated that most of the major pharmaceutical companies have engaged in some unusual practices to keep generic equivalents of their products from entering the marketplace. These measures usually have a negative effect on consumers and health care plan providers, prohibiting them from buying equally effective products at a discounted rate. The objective of the major pharmaceutical companies in attempting to prevent generics from entering the market is clearly to provide their shareholders with exceptional profits. Some would argue that there is a morality argument to be made against “big pharma” in these cases of market manipulation. We will explore the moral argument as well as the effects on the stakeholders of major pharmaceutical companies.
The price of $750 per pill is an unfortunate example of how the business perspective in medicine leaves its consumers distressed. Fortunately, a generic has been developed at an estimated cost of $1. But this generic, like many others, is discarded to the graveyard of the FDA’s unapproved medications. This is what ignites my passion to bring change to this network profit game that medicine has evolved into. I hear the people and their struggles and answer any question they have; I consult them and suggest that their usual unaffordable medication behind the counter can be substituted with options over the counter. Yet, these alternatives are inadequate in serving clients particular needs. I ask the pharmacists what can be done for the well-being of the customers and how to carry out this goal effectively. While the managers see the pharmacy as the company's main source of revenue, I wonder if they see it for what it means for
In Melody Peterson’s “Our Daily Meds” , the history of marketing and advertising in the pharmaceutical industry is explored. The first chapter of the book, entitled “Creating disease”, focuses on how major pharmaceutical companies successfully create new ailments that members of the public believe exist. According to Peterson, the success that these drug manufacturers have experienced can be attributed to the malleability of disease, the use of influencial people to promote new drugs and the efficient usage of media outlets.