Education: Pharmaceutical Industry

One of my greatest priorities is to reduce the price of prescription drugs

Lower-cost drugs are kept out of the market by drug companies gaming regulatory processes and the patent system in order to unfairly maintain monopolies.
The United States pays more than 70 percent of branded drug profits among OECD countries.

For the first time ever, in 2011, global spending on prescription drugs topped $954 billion, even as growth slowed somewhat in Europe and North America.

U.S. prices for the world’s 20 top-selling medicines are, on average, three times higher than in Britain, according to an analysis carried out for Reuters.

The supply of a newer medicine is controlled entirely by the drug manufacturer that holds the patent rights.

That gives the manufacturer a monopoly on the drug for the 20-year life of the patent.

During that time, it is free to raise the price as frequently and as much as the market will bear.

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