Rising Perscription Drug Prices

Rising Prescription Drug Prices: Warranted or Unjustified? U. S. citizens pay the highest prescription drug prices in the world. This is an injustice that must be corrected. The "U.S. forbids the import of prescription drugs by anyone other than the original U.S. manufacturer, and even then only when the drugs meet all the approval requirements of the U.S. Food and Drug Administration (FDA)" (Barlett & Steele, 2004). Prescription drug prices are outrageously high in the United States because of the influence of advertising on consumer purchasing, the misleading statements by pharmaceutical companies about the cost of research and development of new drugs, the manipulation of patent laws, the antiquated laws regarding importation of drugs, and the influence of the greedy pharmaceutical companies ' lobby on the Federal government. Prescription drug costs in the United States are unreasonably high, and consumers should have the option to save money by purchasing prescription drugs from reputable companies in Canada and the developed world. Howard J. DeMonaco (2003), Chairman of the Human Research Committee of Massachusetts General Hospital and editor at Harvard Health Publications, predicts that prescription-drug costs will increase at a rate of around 11 percent each year. He attributes the increase to manufacturers raising prices, doctors prescribing new and more expensive drugs, and people taking more drugs than in previous generations. Pharmaceutical companies defend the increase in prescription drug costs. The increase in volume spending by seniors can be explained because they require multiple prescriptions to maintain an active lifestyle (Clemente, 2004). Pfizer states "the price increases of our medicines have averaged at or below the rate of inflation for the past five years" (Clemente, 2004). However, a The New York Times article refutes this information. "Last year, the drug industry raised prices by an average of 4 percent, twice the rate of inflation"

References: Barlett, D. L., & Steele, J. B. (2004, February 2). Why we pay so much for drugs. Time, 45 52. Barlett and Steele, as a part of a series of investigative reports, believe that drug costs wil be a factor in the 2004 election campaign Belluck, P. (2003, December 11). Boldly crossing the line for cheaper drugs. Retrieved March 22, 2004, from Opposing Viewpoints Resource Center database. Bulluck reports New Hampshire 's governor Connelly, J. (2003, March 18). Prescription drugs: A guide to options that can cut costs. Retrieved March 22, 2004, from Opposing Viewpoints Resource Center database. Connelly explains the different costs of drugs to different individuals and companies Drug companies ' excessive profits drive prescription drug costs up. (2004, March 19). Retrieved March 23, 2004, from InfoTrac OneFile database. Gibbs, L. (2003, October 13). Why do drugs cost so much? Retrieved March 23, 2004, from Money Magazine Web site: http://money.cnn.com/2003/10/09/pf/health_drug_costs/ Horowitz, D Noonan, D. (2000, September 25). Why drugs cost so much: High stakes. Retrieved March 22, 2004, from Opposing Viewpoints Resource Center database.