Essay about Overpricing on Generic Drugs

Essay about Overpricing on Generic Drugs

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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...


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...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.

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