Essay about Overpricing on Generic Drugs

Essay about Overpricing on Generic Drugs

Length: 831 words (2.4 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

What are generics drugs? Well, in the pharmaceutical world generics have a popularity of being the cheaper version of brand named drugs. Generic drugs are medications that provide the consumer with the same equivalent quality of care as that of brand name drugs, at a much lower price. These drugs not only make medicine affordable but also have a low cost of production. Unlike the producer of the original brand name drug, the generic drug producer does not have to undergo comprehensive research, sacrifice billions of dollars or time investigating methods for the invention of any particular drug. Instead, after the patent of the original any drug expires, the generic producer can simply mass produce the same bioequivalent medicine and supply it to distributors at a cheaper rate while still generating profits. Although generic drugs have a significant low cost of production their market prices have recently soared to a near equivalent cost of brand named drugs and this has become a growing concern among many consumers. The effects of price spikes on generic medications have become evident through the pharmaceutical system and immediate action from the F.D.A is now required to resolve this issue.
One of the main growing concerns among consumers due to the price increase on generic medication is insurance. It is no surprise that this issue is impacting both the patient and individual pharmacies. According to the National Community Pharmacist Association, patients who are covered by Medicare and Medicaid “are declining medications due to increased co-pays” (Alexandria, NCPA). Patients who now have to pay additional money out of their pocket on premiums all the sudden are directly holding insurance companies at fault instead of the ph...

... middle of paper ...

...e profit motive pharmaceutical industries. As a result, Bloomberg economic data has proven the three big companies; Teva, Actais, and Mylan have generated an increase in revenue. These companies grew by 10 percent starting from 34 percent in 2007 to a record 44 percent last year. The rise in generic medication costs and malpractices has become a new norm in the drug industry will continue to worsen until federal regulations are strictly enforced.
The bottom line is the F.D.A should resolve the issues associated with the rise in generic medication by supporting new generic competitors and wiping out malpractices. Promoting growth and allowing more competition to produce generics has proven to be beneficial. It allows a stable market from which consumers can afford to buy generic medications. More competition is the innovative standard for the free market economy.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Drug Patents and Generic Drugs in Chile

- Patent rights, usually lasting up to 20 years before expiration, allow the pharmaceutical company which produced the drug, the right and ability to sell it. These patents create a temporary monopoly which allowing firms who paid for production to make a profit for their investment. Generally after the patent has expired, the drug is then mass produced under generic labeling, and is often much cheaper and accessible than was the patented version. But throughout the duration of the patent, availability of the drug has become a large problem....   [tags: fta, temporary monopoly, firms]

Better Essays
586 words (1.7 pages)

Pharmaceutical Practices - Generics Essay

- Obstruction of Generic Pharmaceuticals in the Marketplace 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....   [tags: Medicine Healthcare Generic Drugs]

Better Essays
1134 words (3.2 pages)

Essay on Generic or Brand-Name Drugs: You Decide

- The cost of medication in the United States can be very expensive. Finding ways to cut costs is important and necessary to many Americans. Buying generic instead of brand-name drugs is one way to save money. However, not all generic drugs are equal to their brand-name counterpart. Generic Drugs According to the Food and Drug Administration (FDA), 158 billion dollars was saved by Americans in 2010 simply by purchasing FDA-approved generic drugs instead of brand-name drugs. At that time, generic drugs cost on average 80-85% less than the brand-name medication with eight out ten prescriptions being filled with generic drugs....   [tags: cheaper medication]

Free Essays
577 words (1.6 pages)

Essay about Canadian’s Pay Too Much For Prescription Generic Drugs

- Canadian’s pay too much for prescription generic drugs, which are more in abundance and competitive, over brand name drugs. Generic drug prices are inflated; their rates are set at high levels, by the provinces. Canada has its own drug makers, which produce generic drugs to international countries. Generic drugs are cheaper, the time required to develop a generic is shorter and the costs are much lower to produce, than that of the brand name medicine. Ontario’s Drug Benefit Program prevents consumers, from buying drugs at competitive rates....   [tags: Health Care, argumentative, persuasive]

Better Essays
1062 words (3 pages)

Essay on Performance Enhancing Drugs

- Performance Enhancing Drugs (PED’s) In all areas of sports, professional, college, and even high school, there is widespread illegal use of performance-enhancing drugs. It seems like you can’t go more than a week without hearing about somebody’s PED problems. Although there are many reasons for athletes to choose to use these drugs, the cost of such use, both to the athlete and to society can be extraordinarily high. The question that many people must answer to themselves is “is it worth the risk”....   [tags: Drugs ]

Better Essays
1825 words (5.2 pages)

Essay Say No To Drugs!

- Say No To Drugs. Few people deny the dangers of drug use, while many teens are curious about drugs. They should stay away from drugs because drugs affect our health, lead to academic failure, and jeopardizes safety. Drugs are used from a long period of time in many countries. The concentration of drugs has increased from late 1960’s and 1970’s. Drugs can quickly takeover our lives. Friends and acquaintance have the greatest influence of using drugs during adolescence. Drugs are chemicals that change the way a person's body or mind works....   [tags: Drugs, argumentative, persuasive]

Better Essays
423 words (1.2 pages)

Decriminalization of Drugs Essay

- For many years, a real push has been looming on the idea of legalizing now illegal drugs. This has become a hot debate throughout nations all over the world, from all walks of life. The dispute over the idea of decriminalizing illegal drugs is and will continue on as an ongoing conflict. In 2001, Drug decriminalization in all drugs, including cocaine and heroin, became a nationwide law in Portugal (Greenwald). Ethan Nadelman, essayist of “Think again: Drugs,” states his side of the story on the continuing criminalization of hard drugs, in which he stand to oppose....   [tags: Drugs, argumentative, persuasive]

Better Essays
1331 words (3.8 pages)

Essay on Effects of Drugs

- Controversies over drugs and the effects they have physically, mentally, and emotionally have been around for centuries. Some argue the fact that smoking marijuana has no health effects on the body. Some also say that other drugs have no long term mental consequences to suffer. Now, thanks to technology and hours of studies, answers have came to show the true long term health effects of drugs on the human body and mind. Marijuana is one of the most popular drugs in the world. It is known to many people as a way to get high and just relax....   [tags: Drugs, argumentative, persuasive, addiction]

Better Essays
1157 words (3.3 pages)

Essay on Generic Heart Engineering

- To engineer a heart, the pathways to its formation through stem cells must first be discovered through one genome line that is as healthy as possible (i.e. no signs of an genetic disorders, especially related to oncogenes, no family history of heart problems). Then a process could be made to grow a heart in vitro through the use of the right cell signaling, transcription factors and hormones. After this process is perfected, the genome could be screened again for any deleterious mutations that may have formed during this learning process....   [tags: Genetic Engineering Essays]

Free Essays
399 words (1.1 pages)

Drugs Essay

- The first time I did acid isn't the most interesting time I've done it, nor the most scary, but I guess it would still be a good read. I was going down to a friend's house on a Friday night. Everyone was planning to get majorly fucked up. A lot of people were going to do Dramamine. I read an FAQ on it, and it said if you have Asthma you shouldn't do Dramamine...and to be honest, Dramamine seemed pretty nightmarish after reading a few trip reports. So I decided to stick with something I knew: ROBO....   [tags: essays research papers]

Free Essays
1989 words (5.7 pages)