Pharmaceutical Companies Who's To Blame Essay
Who’s to Blame?
Pharmaceutical companies are defined by encyclopedia.com, “as public and private organizations involved in the discovery, development, and manufacture of drugs and medication”. There are many companies’ pharmaceutical companies worldwide. The most popular in the United States of America is Johnson & Johnson. Pharmaceutical drugs are used for treating “the common cold or cough, but also for more serious diseases like HIV, diabetes, cancer, tumors, and many more”. The Pharmaceutical Industry is not at fault for the high cost of prescription drugs. Pharmaceutical companies spend a lot of time in developing and manufacturing drugs. One type of drug could take ten to twenty years after testing the drug, being approved by the FDA, and distribution. Makes one wonder just how much money they put into the discovery of
Semmel 2 one drug. Bernard Munos of the Inno Think Center for Research in Biomedical Innovation has noted, $4 billion for research is spent for every drug that is approved . He also goes on to say that 1 in every 10 approved pills ends up bringing in profit. It must be paying off as Marcia Angell, economist, states the average American spends two hundred billion dollars a year on prescription drugs. She also explains that this is increasing 12% every year. This could be a result of increasing prices, more …show more content…
People believe that there should be a salary cap on how much money the company can charge per pill. The idea of a salary cap would eliminate any chances of overcharging for drugs. Some people also say the pharmaceutical industry is pulling the wool over our eyes. “The great majority of “new” drugs are not new at all but merely variations of older drugs already on the market”. Out of all the drugs marketed by pharmaceutical companies, only a handful has proven to be of great significance. In that handful is medicine for cancer, HIV, and
Pharmaceutical companies are defined by encyclopedia.com, “as public and private organizations involved in the discovery, development, and manufacture of drugs and medication”. There are many companies’ pharmaceutical companies worldwide. The most popular in the United States of America is Johnson & Johnson. Pharmaceutical drugs are used for treating “the common cold or cough, but also for more serious diseases like HIV, diabetes, cancer, tumors, and many more”. The Pharmaceutical Industry is not at fault for the high cost of prescription drugs. Pharmaceutical companies spend a lot of time in developing and manufacturing drugs. One type of drug could take ten to twenty years after testing the drug, being approved by the FDA, and distribution. Makes one wonder just how much money they put into the discovery of
Semmel 2 one drug. Bernard Munos of the Inno Think Center for Research in Biomedical Innovation has noted, $4 billion for research is spent for every drug that is approved . He also goes on to say that 1 in every 10 approved pills ends up bringing in profit. It must be paying off as Marcia Angell, economist, states the average American spends two hundred billion dollars a year on prescription drugs. She also explains that this is increasing 12% every year. This could be a result of increasing prices, more …show more content…
People believe that there should be a salary cap on how much money the company can charge per pill. The idea of a salary cap would eliminate any chances of overcharging for drugs. Some people also say the pharmaceutical industry is pulling the wool over our eyes. “The great majority of “new” drugs are not new at all but merely variations of older drugs already on the market”. Out of all the drugs marketed by pharmaceutical companies, only a handful has proven to be of great significance. In that handful is medicine for cancer, HIV, and