Essay on The Rise in the Price of Prescription Drugs

The Rise in the Price of Prescription Drugs In the business of drug production over the years, there have been astronomical gains in the technology of pharmaceutical drugs. More and more drugs are being made for diseases and viruses each day, and there are many more drugs still undergoing research and testing. These miracle drugs are expensive, however, and many Americans cannot afford these prices. Prescription drug prices rose three times faster than inflation in the decade between 1981 and 1991, making the pharmaceutical industry the nations most profitable business. Prescription drugs even exceeded the rapidly rising inflation rate for all other medical services. They now represent at least 10% of all the medical†¦show more content†¦In the United States, there have been three important movements. The first was the passage of the Pure Food and Drug Act in 1906. This was a designed more to control the promotion and marketing of bad foods rather than bad drugs. It came as a result of the exposure of the appalli ng unsanitary conditions in the Chicago Stockyard in a book by Upton Sinclair called The Jungle. The second of the three movements was the passage of the 1938 Amendment. This came as a result of a drug called Sulfanilamide, which was mixed with DI-ethylene glycol (sometimes called anti-freeze). It killed more than 100 people. Government stepped in very quickly, and, with this new act, recquired the manufacturer of any new drug to present convincing evidence to the Food and Drug Administration (FDA) that the product was relatively safe for use before it was put on the market. The final move was the 1962 Kefuaver- Harris Amendment, which tightened safety requirements and also recquired the manufacturers to provide FDA with evidence that the drug was both safe and effective for its intended clinical purpose. People of the drug industry were outraged because this would delay, often by many years, the time and cost of which a company could market a new product and begin to recoup its investment.2 The drug industry has severely attacked government, feeling that they are too restricted and that government has no right toShow MoreRelatedPrescription Drug Price Controls Essay Essay1251 Words   |  6 Pages Prescription Drug Price Controls Intro to Health Science Professor Feinberg Brittany Aaron 10-25-2016 Introduction: Prescription drug prices are on the rise in the United States. Currently, the United States does not implement a price control on prescription drugs. Every day the supply and demand for prescription drugs fluctuates. Pharmaceutical companies produce drugs that are necessary for survival. Therefore, it is necessary for research and development to continue in theRead MoreThe Issue Of Prescription Drugs1425 Words   |  6 PagesFor almost a year now, prescription drugs continue to be one the pressing issues in healthcare reform. Drug pricing specifically, has made its way center stage as a result of numerous revenue-lifting actions from pharmaceutical companies, the most recent case being the arrest of Turing Pharmaceuticals’ CEO, Martin Shkreli. Shkreli was arrested on federal fraud charges a week before Christmas, but his infamy stems from his company’s price jack of Daraprim, an anti-parasite drug that is pivotal in theRead MoreSupply and Demand - Pharmaceutical Indust ry1042 Words   |  5 Pagespopulation requires prescription drugs to treat injury or illness. In some cases, the need for drugs may be short term and in other cases, the drugs may be required for the remainder of an individual s life. 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