Should Pharmaceutical Companies Reduce The Cost Of Prescription Medications

Should Pharmaceutical Companies Reduce The Cost Of Prescription Medications

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Different medications are constantly being prescribed to millions of patients. With a constant improvement of medicine, new research was conducted to develop better medicine to replace the past medications. However, to begin new research, funding is needed to consider starting the research. To continually be able to fund research, many pharmaceutical companies have raised the prices of current medications. The inflation of pharmaceutical medications has created much uproar amongst the consumers. The consumers are faced with the problem of being able to continually afford their medications. Consumers are arguing that their affordable healthcare is no longer affordable. Whereas the pharmaceutical companies are arguing that the inflation is to help better medicine by using the profits for research. The situation boils down to one question: should pharmaceutical companies be able to drastically increase the cost of prescription medications that are high in demand? While in some cases the increased profit has been used to fund research, in many other cases, the pharmaceutical companies have been reaping the excess profits. Though these pharmaceutical companies have made a statement to use the excess profits for research and development, I believe that there should be federal action to protect the economy and federal healthcare from future implications.
To better understand what solutions can be proposed to curb the price inflation of the pharmaceutical drugs, we must first understand why these pharmaceutical companies have put the price inflation into effect. Recently, many pharmaceutical companies have increased their prices to help raise money for funding. These companies justify their price increase as funding for research to find ...

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... with, the federal government should intervene and monitor the usage of the excess profits. The federal government should put in place a policy that will allow the government to to see where the profits are going. With a policy that allows the government to monitor the profits of these pharmaceutical companies, they are able to intervene the actions of the the companies to ensure that the CEOs are not reaping large profits for personal gain.
With the price inflation of pharmaceutical drugs and the current state of the economic market for these pharmaceuticals drugs, many of the patients have a hard time affording the purchasing the drugs. The pharmaceutical market is quite different from the other economic markets. What allows these pharmaceutical companies to have drastic price inflation can be honed in on one fact: there is a lack of competition within the market.

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