"That $608 is a list price," Bresch said. "What Mylan takes from that, our net sales is $274, so $137 per pen," she said, referring to the fact that EpiPens are sold in packages of two devices.”2 Heather Bresch has the ability to reduce the cost of the EpiPen, rather than offering discounts to eligible families. If the price of the EpiPen is reduced to a reasonable amount, people with inexpensive insurance and no insurance would be able to afford life-saving EpiPens. An idea that came to mind during the writing of the piece was the introduction of a trade-in program that would allow people, who own expired EpiPens, to replace their EpiPens at no cost to them. Understandably, Mylan is a company who needs to make a profit, therefore they have to charge for these products. However, at current prices, only the fortunate and well insured have access to a device that could be the difference between living another day, or dying because of having to choose between the safety of their child and making a mortgage…
We also must assume that the market of BioMed can be modeled as being perfectly competitive in equilibrium, allowing the use of the model’s profit maximizing criteria. The plant producing DermaPlusTM has been in operation for three years with no change in manufacturing equipment. The age of the equipment has not proven to have an impact on current or future production of DermaPlusTM based on the information provided. DermaPlusTM will be under a new reference-based pricing scheme which will allow the government to set the price of BioMed’s topical cream along with competing creams. The government will review the pricing every two years, leaving only the production and selling volume to be determined by the manufacturer.…
Hansen, Christopher W. "Perspective on drug costs." Vital Speeches of the Day 70.10 (2004): 1-8. Academic Search Elite. EBSCOhost. University of Iowa, Main Library. 18 Dec. 2004 .…
I used the opinion of the Government Accountability Office to add credibility to the paper and one researcher’s perspective on dominating DTC advertisements to support my idea. However, to make a flow of sentences clear, I demonstrate how GAO’s agreement is effective to my argument by adding a follow-up sentence, “GAO also realizes that DTC advertisements mislead patients, spur unnecessary drug prescribing, which is more expensive and ineffective than older alternatives, and raise the cost of health care.” Also, I add an explanation that makes a clear connection between my argument and Almasi’s research: why the unequal chance of competition in the pharmaceutical industry has negative impacts on economic consequences. Furthermore, for better understanding, I elaborate why people who do not have enough skills to evaluate the drugs could indirectly affect the increase in the cost of health care. Also, as I focus on economic effects of DTC advertisements in this passage, I delete “social, and political consequences” at the last…
Word Count: 1690 Perhaps the most difficult situation in business arises when the indigent desire the product being sold. Political pressure is often put on the company to lower prices in order to accommodate the less fortunate consumer, however, this is in direct conflict with the company’s paramount goal of making the largest profit possible. Issues are increasingly complex given the supply-demand aspects of society and the incentive for production. For these reasons approaches to business that emphasize profit over availability can indeed help society in many ways. Upon the question of ethics one must view the entire market as a whole and the benefits of competition when deciding a fair price. An examination of the case study New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises relies heavily on a keen understanding of the social and economic implications of a capitalist system, and once taken into account it is clear that Celgene Corp. is justified in raising prices based on the business market philosophies asserted by Adam Smith, Milton Friedman, Emanuel Kant, and John Locke. Celgene’s decision to raise prices is complex and…
Belluck, P. (2003, December 11). Boldly crossing the line for cheaper drugs. Retrieved March 22, 2004, from Opposing Viewpoints Resource Center database.…
Economic Analysis of Anthem and Kaiser Permanente Abstract This paper is an economic analysis of healthcare providers Anthem and Kaiser Permanente. Included will be information on competition, pricing and the effects of elasticity of demand has on both companies.…
The patients always gain from price ceiling on prescription medicines. But profitability of References: - Krugman, P., & Wells, R., (2009). Microeconomics: Second Edition , New York. Worth Publishers.…
Many large scale drug companies argue that they are proudly taking the stakeholder approach and striving to promote fair labor practices and non-discrimination in the workplace. They will also argue that the reason medication prices are so high is because of all of the research that is involved in developing a medication, while activists argue that meds are so expenisve due to the marketing they put into a drug in the first several years.…
I am one of those patient who needs an epipen and my insurance only covers a portion of the cost, even after my insurance has paid I still have to pay $155 to get the prescription. Making medication affordable would allow all patients to ensure that they're getting the proper treatment for the health condition they have. Managed care makes some prescriptions more affordable for patients and even decreases the cost of the expensive ones. People who do not have prescription coverage pay around $314 for an epipen. That is crazy that it cost that much to obtain a medication that could save your life in anaphylaxis moment. You shouldn't not be able to take a medication simply because you can't afford it. Every medication out there should be affordable…
Hilary Daniel is the author who wrote this article for the Health and Public Policy Committee of the American College of Physicians. The article was originally published in the Annals of Internal Medicine which is an academic medical journal. This journal is intended for the field of internal medicine and similar fields of study. This is a position paper which reviews the reasons for the escalating cost of medications in the United States. The author outlines positions and recommendations presented by the Public Policy Committee which include the American College of Physician’s support for transparency in drug pricing. The relevance of this article is to support my argument that physicians realize the cost of medication affects patient care…
Living in a society where pill popping has become a very popular way to fix any problem, Ephedrine, a herb found in the Ma Haung extract, has been the quick fix of choice when it comes to one of America's biggest problem, weight loss. Although Ephedrine was used traditionally for medical purposes and as a stimulant for asthma, it has made its way into dietary supplements. When Ephedrine was first introduced to the market it was considered to be a miracle drug, seemingly to good to be true. The drug has shown to promote a substantial amount of weight loss in a short amount of time. The use of Ephedrine whether taken by a doctor's prescription, or for weight loss, has side effects that can be dangerous.…
Epipen is a disposable automatic epinephrine injector. Epinephrine is a chemical that is used in cases of anaphylaxis or severe allergic reactions. After injection, epinephrine relaxes the muscles to open the airways to and in the lungs for better breathing and reverses allergic effects such as wheezing, life threatening low blood pressure or severe itching.…
The purpose of choosing this particle article on: Increased health care cost sharing works as intended: It burdens patients who need care the most by Gould 2013. The fact that it addresses on Cost containments within the healthcare industry, caught my attention. As we all, are fully aware on the cost of health within the U.S has and will always be a perceptible issue, one we all keep running in circles on trying to find ways to better our health care issues, by proposing different healthcare policies, that have merged in the past and all share a common goal: such as having “household instantly pay for sizable share of the most health expenditures by motivating costly deductible, copays and higher co-insurance rates (Gould 2013). Cost container will also help to maintain unnecessary spending expenses, reducing such expenses will leave not only the patient but all consumer involved to improving in profit eliminating future damage. Not only for the future but in doing so the unnecessary expenses, will decrease, therefore will help with reducing within marketing have efforts that will help encouraged new business.…
H.R. 2094 School Access to Emergency Epinephrine Act The H.R. 2094 bill for School Access to Emergency Epinephrine Act, was introduced by Representative David P. Roe. Representative Roe is from Tennessee’s 1st congressional district and he currently sits on the House Committee on Education and the Workforce and House Committee on Veterans’ Affairs. He is also the Chairman of Subcommittee for Health, Employment, Labor and Pensions and is a member of the following Subcommittees: Early Childhood, Elementary, and Secondary Education; Health; and Oversights and Investigations. Representative Roe is considered a far-right Republican leader by GovTrack’s own analysis of bill sponsorship (Rep. David “Phil” Roe). The bill has 36 cosponsers, 16 of which are Republican and 20 who are Democrats.…