A PUBLIC POLICY DILEMMA

THE PHARMACEUTICAL INDUSTRY: A PUBLIC POLICY DILEMMA

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

The pharmaceutical industry has become a major public policy dilemma in recent years, due to the rapidly increasing costs of prescription medications and the lack of transparency surrounding drug pricing. This essay will explore three key issues related to the pharmaceutical industry: the impact of price gouging in the pharmaceutical industry, the growing role of Big Pharma in regulating drug prices, and the need for increased transparency in the pharmaceutical industry to enhance public policy. By examining these topics, this essay will illustrate the complexity of the public policy dilemma posed

Price gouging in the pharmaceutical industry has been an issue for many years, and the effects have been far-reaching. According to LW Cleland, this phenomenon occurs when “a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair” (Alb. LJ Sci. & Tech., 2004). This has a significant impact on the industry, as it can lead to an increase in prices of essential medicines, resulting in patients not being able to afford the medicine they need. Additionally, it can cause a decrease in the quality of care, as pharmaceutical companies may prioritize profit over the well-being of their patients. Furthermore, it reduces the trust that people have in the pharmaceutical industry, as they may be reluctant to buy medicines from companies they perceive to be taking advantage of them. Ultimately, price gouging in the pharmaceutical industry can lead to a decrease in the affordability and accessibility of essential medicines, as well as a decrease in trust from the public.

The growing role of Big Pharma in regulating drug prices has been an issue of much debate in recent years. According to SJ Projan, in her 2003 article in Current Opinion in Microbiology, the pharmaceutical industry has been able to control the pricing of drugs due to their immense market power and the fact that they are largely unregulated. This has resulted in higher prices for consumers, as well as a decrease in the availability of certain medications due to their high cost. Big Pharma’s influence has been further complicated by the emergence of generic drugs, which have been able to undercut the prices of brand-name drugs in many cases. However, generic drugs are still subject to regulation by Big Pharma, and are thus unable to reduce prices to the extent that they could without the industry’s interference. As such, the pharmaceutical industry’s control over drug prices remains a major issue for both manufacturers and consumers.

The need for increased transparency in the pharmaceutical industry to enhance public policy has been highlighted in a 2017 study conducted by T Vian, JC Kohler, G Forte and others. The study found that while certain aspects of the pharmaceutical industry, such as pricing and clinical trials, are largely regulated and made transparent, there are still other areas, such as the role of the industry in research and development, that are not. This lack of transparency can lead to difficulties in assessing the impact of pharmaceutical companies on public policy, particularly when trying to assess the value of new drugs or treatments. Furthermore, the study found that the current regulatory environment does not always reflect the diverse interests of patients and other stakeholders. To address this, the study suggested a number of measures to promote transparency, such as the use of open access to research data and the provision of information about the industry’s involvement in clinical trials. These measures, the study argued, would help to ensure that public policy is based on a full understanding of the pharmaceutical industry and its impact on public health.

The pharmaceutical industry presents a complex public policy dilemma that must be addressed. While providing innovative lifesaving treatments, the industry is also a target for public scrutiny due to the ethical considerations and financial concerns associated with drug pricing, including a lack of transparency and access to life saving treatments. Despite the complexity of this dilemma, policy makers must strive for a tailored solution that weighs both the needs of those affected by diseases and the financial security of the industry. To achieve this, open dialogue and accountability for stakeholders must be established to ensure both patient access to quality care as well as equity in pricing.

Work Cited

T Vian., JC Kohler.”Promoting transparency, accountability, and access through a multi-stakeholder initiative: lessons from the medicines transparency alliance.”https://joppp.biomedcentral.com/articles/10.1186/s40545-017-0106-x

“Why is big Pharma getting out of antibacterial drug discovery?.”https://www.sciencedirect.com/science/article/pii/S1369527403001097

“Modern Bootlegging and the Prohibition on Fair Prices: Last Call for the Repeal of Pharmaceutical Price Gouging.”https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/albnyst15&section=13

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