Who Controls Drug Prices?
Pfizer states that prescription medication costs in the U.S. are dependent on market forces, like all other goods sold. If prescription drug prices were controlled, Pfizer says it would cut down drastically on the amount of research done to cure diseases.
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Profits
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According to aflcio.org, "In 2001, as the economy tumbled and corporate profits sank for the average Fortune 500 company, drug companies on the top 500 list saw their profits soar by 33 percent from the previous year."
Controls in Other Countries
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Pfizer, currently the leader in drug profits, states on its website that prescription drugs are cheaper in other countries as they have price controls set by the government.
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United States Controls
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The U.S. has no price controls on prescription drugs. Prices are determined by "market force." Many people in the U.S. are unable to afford drugs that are sometimes more than $10 dollars a pill.
Reasoning
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Drug companies state that the reason this pricing system works is because extensive research would be impossible if drug prices were controlled.
Tips
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If you are prescribed a medication and have no insurance, the major drug companies offer drug assistance and you may be able to receive your medication for free. See their websites for more information.
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