Opioid Price Benefit Analysis

“Last February, the price of Evzio, an auto-injected drug that is used to treat opioid overdose, jumped to over $4,000 — from just $690 in 2014 — just as demand for the medicine was quickly rising.” states the AARP (American Association of Retired Persons). Price hikes for prescription drugs have become a recurring problem. They’ve gotten so expensive that many people can’t afford them, and they seem to only be getting more expensive. Though many would argue that it’s a business’ choice if they want to raise the price of their product, it’s dangerous to allow them to do so. Pharmaceutical companies should have a set price limit, otherwise the skyrocket of prices hurt those who rely on the now expensive drugs. For example, the life saving EpiPen has gone up by more than $500, making the current price now around $609 (Khazan). Of course, EpiPens aren’t the only drugs to have their prices skyrocket. For example, the price for Evzio, a drug used to treat opioid overdoses, has risen from $690 to $4,000 as the demand for the product grew (“Why Our Drugs Cost So Much”). Though some people may point out that much of the money goes to research and development, the fact is that they’re still overcharging and leave people unable to afford drugs they desperately need. The median salary for a CEO of a pharmaceutical company is more than any other industry, at a
whopping $14.5 million (“Why Our Drugs Cost So Much”). Since the CEOs of such companies have such large salaries, the higher prescription drug costs also translate into higher taxes. “Even if patients are fortunate enough to have good health care coverage, higher prices translate into higher out-of-pocket costs, premiums and deductibles. And greater spending by taxpayer-funded programs like Medicare and Medicaid are eventually passed along to all Americans in the form of higher taxes, cuts to public programs or both” (“Why Our Drugs Cost So Much”). Though others may point out that we live in a capitalist country and businesses are allowed to make their own choices regarding price, it’s concerning that their obsession with money affects all of us. This raising of taxes is just another reason to set a limit on drug prices. Without regulations, these drug industries will continue to get richer off the backs of the sick and dying. Finally, this system allows diseases to spread without a cure.
During the panic caused by Ebola, the big pharmaceutical companies didn’t even attempt to find a cure for the deadly virus. Though people may say that it was Africa’s problem, it did end up spreading into the United States. And, instead of putting effort into helping, large drug companies sat out as small biotech firms and government agencies scrambled to put a stop to Ebola. The lack of regulations on big pharmaceutical companies puts us all in danger, and leaves them free to avoid large medical emergencies if it doesn’t get them enough money in
return. In conclusion, the government should put a price limit on prescription drugs. If they don’t, prices will keep rising and the people who need their medicine won’t be able to afford it. Taxes will also increase, and many cures won’t be found for diseases. No one should have to pay over $4,000 for life saving treatment. No one should get rich off death.