Ask your doctor if waawa-woowoo (with a long list of horrifying side effects) is right for you.–Seen all too often on TV.
According to recent polling of American adults, lowering prescription drug prices is one of the most important public issues, regardless of party (Figure 1). Americans are understandably concerned about a reduction in affordability, the disparity between U.S. drug prices and prices overseas, and well-publicized episodes of price manipulation.—CEA-Rx-White-Paper-Final2
There is much more in the referenced article than I understand or can explain. I am indignant about affordability and well-publicized episodes of price manipulation. I am not at all concerned about low prices overseas–I see high prices here as a result of collusion between our government and domestic manufacturers–there is a reason that a drug company–Novartis–showered money on Michael Cohen. I doubt that the solution to high prices at home lies in higher prices overseas. Do we really believe that drug companies won’t innovate unless they anticipate enormous profits?
The report concludes:
The objective of government in biopharmaceutical policy is to ensure that firms invest in meaningful innovations that lower the price of health, rather than provide incentives that dampen rather than promote competition between innovations. Additionally, it is also the role of government to help solve international problems such as global free-riding on drug innovation, which harms U.S. citizens. Bad government policies or insurance programs that prevent, rather than foster, healthy price competition often induce artificially high prices in the United States. The U.S. biopharmaceutical industry is the engine of worldwide biopharmaceutical innovation and an important part of our economy. Preserving this industry and encouraging it to innovate while making drugs more available and affordable for all Americans is an attainable goal.
- ensure that firms invest in meaningful innovations that lower the price of health (care)
- (avoid) incentives that dampen rather than promote competition.
- solve international problems such as global free-riding on drug innovation.
- (avoid) policies or insurance programs that prevent, rather than foster, healthy price competition.
- The U.S. biopharmaceutical industry is the engine of worldwide biopharmaceutical innovation. (really, or is this political propaganda?)
I don’t believe drug companies are as likely to invest in innovations which will lower prices as they are likely to invest in innovations which will increase profits due to high priced products. They all want to find the wonder drug–expensive and popular with the public.
I’m from Missouri. Current government policy encourages high prices. Will that policy be reversed? Not likely if large drug company contributions to politicians can prevent it. We’ll see.