Healthcare- High Cost of Prescription Medications in America

Healthcare- High Cost of Prescription Medications in America

The Problem Along With a Summary of the Paper’s Main Points

The high cost of prescription medications in America is the issue I have decided to address in my course project. Since the cost of prescription drugs has been rising so sharply for years, this problem has been a frequent topic of conversation. Many Americans struggle to pay for their prescription drugs, which has a negative impact on their health. This essay will focus on the causes of the high cost of prescription medications as one of its primary themes. Pharmaceutical firms frequently use the substantial research and development that goes into developing a new drug to justify the prices (Angelis et al., 2023). However, the pricing system lacks transparency since many businesses establish high rates for some pharmaceuticals by abusing their monopolies on such products. Costs are further raised by the intricate web of middlemen in the pharmaceutical supply chain.

The paper will also discuss how expensive prescription drugs affect people personally and the healthcare system as a whole. Many people are forced to decide between paying for their prescriptions and other necessities, which has a negative impact on their health and increases their likelihood of being hospitalized. Because high drug costs result in higher expenses for insurance providers and government programs like Medicare and Medicaid, the strain on the healthcare system is also considerable.

Finally, this essay will delve into some suggestions for possible remedies to the issue of excessive medicine pricing. This involves promoting greater pricing transparency and lessening the role of pharmaceutical companies in determining prices. The usage of generic medications and backing programs that encourage price negotiations for Medicare and Medicaid are crucial stages in finding a solution to this problem. Additionally, looking into different approaches to drug development and delivery, such as government-funded research or international cooperation, may help reduce costs and guarantee that all Americans have access to affordable pharmaceuticals. In conclusion, the high cost of prescription medications in America is a widespread issue that requires immediate attention. This study intends to contribute to the continuing discussion and work towards a sustainable solution to this issue by a thorough analysis of the causes of high drug prices, their impact on people and the healthcare system, and suggested alternatives.

Solutions Offered

Increasing pricing transparency is one possible approach to addressing the high cost of prescription medications. This can be done by mandating that pharmaceutical firms reveal the true costs associated with the creation, marketing, and distribution of their products. By making this information available to the general public, consumers, healthcare professionals, and policymakers can more clearly comprehend and assess the factors behind high prices. Increased openness can also put pressure on businesses to defend their pricing policies, which could result in more aggressive pricing on the market.

A different strategy is to encourage the usage of generic medications. Generic medications share the same active components, dosage form, potency, and method of administration as their brand-name equivalents and are bioequivalent (Gozzo et al., 2022). Since they do not incur the same costs for research and development as brand-name medications, they are often far more economical. The demand for these affordable choices may be increased by encouraging doctors to prescribe generic alternatives and informing patients about their advantages. Additionally, enacting regulations that speed up the approval of generic medications and their availability on the market might encourage more competition and lower drug costs.

Best Solution, the Plan, and How It Will Solve the Identified Issue

Implementing price negotiations for government programs like Medicare and Medicaid has been determined to be the most effective solution to the problem of the high cost of prescription pharmaceuticals. Because these programs are now prohibited from negotiating prescription rates with pharmaceutical firms, medicine costs are higher. The government can use its purchasing power to negotiate lower costs and ensure that Americans have access to reasonably priced pharmaceuticals by allowing price negotiation. Other nations with lower medicine prices, such as Canada and European nations, have found success with this strategy. The United States can greatly lessen the financial burden on people and the healthcare system by using a similar technique.

A strategy that incorporates legislative action can be developed to put this solution into practice. Federal legislation can be passed to permit Medicare and Medicaid drug plan price negotiations. This would entail working with legislators and representatives of the pharmaceutical sector to create a bipartisan strategy that focuses on patient affordability and healthcare sustainability. Additionally, grassroots movements and public support can be organized to push for this change and put pressure on decision-makers to deal with the problem.

The stated issue of exorbitant prices for prescription drugs can be efficiently addressed by adopting price negotiation for government programs. Patients and the healthcare system may both save a lot of money by lowering drug costs for those on Medicare and Medicaid (Ciulla et al., 2023). This method helps lower total healthcare expenses while also ensuring that low-income populations have access to vital pharmaceuticals at an affordable price. Additionally, it promotes a healthcare system that is more equal and sustainable, allowing people to prioritize both their health and their financial security.

References

Angelis, A., Polyakov, R., Wouters, O. J., Torreele, E., & McKee, M. (2023). High drug prices are not justified by the industry’s spending on research and development. BMJ, e071710. https://doi.org/10.1136/bmj-2022-071710

Ciulla, M., Marinelli, L., Di Biase, G., Cacciatore, I., Santoleri, F., Costantini, A., Dimmito, M. P., & Di Stefano, A. (2023). Healthcare systems across Europe and the US: The managed entry agreements experience. Healthcare, 11(3), 447. https://doi.org/10.3390/healthcare11030447

Gozzo, L., Caraci, F., & Drago, F. (2022). Bioequivalence, drugs with narrow therapeutic index and the phenomenon of creep: A critical analysis of the system for generic substitution. Healthcare, 10(8), 1392. https://doi.org/10.3390/

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submit your Course Project topic. Choose a Course Project for which you will identify and solve a healthcare problem. Assuming you have been listening to the news or following talk shows for the last 6 months (more like 2 decades), you know that healthcare is a key and contentious issue in America.

Healthcare- High Cost of Prescription Medications in America

There is no shortage of concerns, nor are there approaches on how to best solve them.(Some people call healthcare, from a problem standpoint, a target-rich environment.) The Course Project requires you to identify a problem and arrive at a recommended solution along with its implementation. Just the topic’s outline to be fully developed after 5 weeks.
Textbook of Reference:
Folland, Sherman, et al. The Economics of Health and Health Care. (8th Edition). Taylor & Francis, 2017.

NB: In general, the length of this case study should be no fewer than three pages (not including a cover or reference page), double-spaced