Drug pricing was a hot topic for Americans in 2016, from Hillary Clinton to President Trump, an immense pressure has been put on pharma to lower their drug prices. If Democrats and Republicans don’t come to an agreement in finding a solution in price gouging, we will see this issue be brought up to Americans on the next election (2020).
Many Americans have in one point of their life taken a prescription whether it was to fight off a flu or fight a cold. Seven out of 10 Americans use or have use prescription drugs (MayoClinic), although some are just to treat small issues we face a dilemma when we are talking about diseases that are rare, cancer drugs, cardiovascular diseases, diseases where patients have no choice but to use their prescriptions.
We aren’t trying to paint pharma as bad, because without them many diseases that are treatable today weren’t treatable 30 years ago. Not many Americans know that it takes a lot (billions) of money to bring a drug into the market. Not only that, there is a high failure rate in discovering the next drug that will cure or treat a serious disease. Creating a situation where pharmaceuticals need to price their drugs to recover any R&D expense.
We do see initiatives with Food and Drug Administration (FDA) trying to help lower the prices of drugs by increasing competition and setting out rules to allow generics (copycat drugs) get faster approvals. Will this work on lowering the price for pharma, that’s a question that time will tell us.