Prescription Drug Cost Essay

The Price of Prescription Drugs

Due to the high cost of prescription medications in the nation, more than 20% of Americans cannot afford to fill their prescriptions. Comparatively, that equates to just about 60 million Americans who lack a basic need for survival. So why do pharmaceutical companies raise the cost of medications? To boost their profits, they engage in it. This unquestionably makes it much more difficult for families to get the drugs they need. Many Americans find it extremely problematic that many pharmaceutical companies take advantage of people who can barely afford their products. This affects millions of people, making it a serious problem that calls for change.

The exorbitant costs of prescription drugs have become a significant concern worldwide, with global spending reaching a staggering $1.3 trillion. In the United States alone, $350 billion is spent annually on prescription drugs. Unfortunately, a quarter of Americans struggle to afford their medications. While drug companies argue that they need additional funding for research and development, it seems that their focus is primarily on creating drugs that offer minimal innovation but maximize profits. They resort to raising drug prices unjustifiably, even when the value of the medication does not warrant such inflated costs.

Consequently, healthcare costs in the US have

By establishing a government-funded, non-profit pharmaceutical sector, monopolies and outrageous prices may be avoided. By doing this, the emphasis may be shifted to helping individuals in need acquire reasonable, straightforward access to medications. Furthermore, rather than being artificially inflated, drug prices should be honest depictions of their true value. To prevent pharmaceutical companies from taking advantage of consumers, a fair evaluation of a drug's value and appropriate pricing would be