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Drug Prices in the U.S. Are Ridiculous
Key Excerpts from Article on Website of Yes! Magazine
Posted: April 30th, 2017
http://www.yesmagazine.org/issues/science/why-drug-prices-in...
Public money and public universities boost Big Pharmas profits, so shouldnt the public be able to afford the drugs? Almost 1 in 2 people used a prescription drug in the past month, and more than 1 in 5 used three or more. As the population ages and deals with more chronic diseases like diabetes, heart disease and depression, the percentage of people needing prescription medicines is growing. But what really sets us apart is how much they cost. Medicines in the US cost 2 to 6 times more than the rest of the world. 1 in 5 Americans - 35 million people - do not get their prescriptions filled because they don't have enough money. Big Pharma says high prices are necessary to invest in breakthrough research. But corporations don't actually do much of that, [and] have shifted money away from new-drug research to quick-profit minor variations on proven moneymakers. So who funds new-drug and breakthrough-drug research? Taxpayers. 84% of new-drug research is funded by the government. The public also subsidizes drug research through generous R&D tax credits. Using public research (plus charging high prices) gives corporations big profits. Drug companies' annual stock returns are twice the standard.
Note: A comprehensive infographic showing Big Pharma's preferential treatment by US regulators can be found at the link above. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the pharmaceutical industry.
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