The Illusions of the U.S. Pharmaceutical Industry: Misdirection in Drug Pricing, Innovation, and Regulation
September 20, 2023
The U.S. biopharmaceutical industry uses subtle illusion techniques similar to magicians to distract Americans from truths about drug pricing, innovation, and regulation. These illusions include the assumption that reducing drug prices would harm research and innovation, which in reality it wouldn’t; the idea that the U.S. must bear the burden of high drug prices alone when other nations have significantly lower prices due to effective regulations; and the perception that because insured patients pay smaller fractions as out-of-pocket costs, drug prices seem low, when in fact taxpayers and workers pay the high fees indirectly. The report highlights the need for a more transparent bargaining system to make drug prices affordable for all.
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[Source: Forbes, September 20th, 2023]
