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Monopoly in pharmaceutical industry
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HLTSV 315 - The United States is spending way more than any other developed country in the drug marketplace despite provisions made by Medicare through the Affordable Care Act. President Donald Trump is trying to fulfill his campaign promise of breaking monopolies created by multinational drug companies by setting a benchmark and creating policies that would drastically reduce the costs of prescription drugs in the United States. Shady pricing and removal of low-cost drugs from reaching the low-income patients who are uninsured have made prescription drugs unaffordable for them. These drugs are deliberately kept out of the market by multinational pharmaceutical companies in order to drive up monopolies and ending up causing the U.S a lot of
T-Writer, EW, met with client SM to work on his recovery goal of medication management.
Although writing a prescription may be an easy way to put a bandaid on a problem, people tend to forget that medication can’t be responsible for curing our nation. Slowly we are becoming a country where pills are handed out like candy, causing a severe series of negative effects and downfalls. Ray Bradbury, the author of the award winning novel Fahrenheit 451, is definitely in agreement. In 1951, when the novel was written, Bradbury was able to make the prediction that the innocent use of medication would soon turn into an extreme drug epidemic, and unfortunately he wasn’t wrong. The overuse of drugs in the United States, such as mental illness medication
Why does not America do something about these rip-off companies? In 2001 George Bush promised to lower the amount spent on prescriptions for the citizens, but in 2002, Americans spent $162.4 billion on prescribed drugs. (Steele 47) Drugs prices are not likely to fall back down to what they were years ago. They fall into the same category as fuel prices for automobiles; they always increase. There are more pharmaceutical companies present in the U.S. than any other country in the world. Th...
Why are the prices so high? Some critics of the drug companies argue that the larger firms are ripping off the American public, are dishonest and, in some cases, unsafe. On the other hand, there are health care workers such as doctors and their supporters who claim that research and testing for drugs costs money. This supposedly justifies their prices for their products. Also, as an argument to their side, they say that their practice is a benefit to the improvement to mankind. It is a life saving business, but are these prices justified? As one can see, this is a very important issue in medicine today. It affects everyone involved with medicine, which is much of the American public. It also affects the physicians and drug makers.
Prescription drug abuse has become a major epidemic across the globe, shattering and affecting many lives of young teenagers. Many people think that prescription drugs are safer and less addictive than “street drugs.” After all, these are drugs that moms, dads, and even kids brothers and sisters use. The dangers are not easily seen, but the future of our youth will soon be in severe danger if the problem is not addressed,it will continue to get worse if action is not taken soon. Prescription drugs are only supposed to be consumed by patients who have been examined and have a medical report by a professional, more and more teens are turning to the family’s medicine cabinet to “get high” but what they are actually doing is severely harming themselves, kids today are turning away from the street drugs and abusing the “prescribed” drugs that are that are at their very own home.
Merck & Co. has to be aware of the economy as with any industry. Within the recession, more and more were looking towards generic substitutes. This can at times not be a problem with patents. However, once a patent is up, a competitor who develops generic versions of Merck’s products becomes a low-cost competitor. However, during the recession from 2008 – 2009, Merck didn’t see any drop in sales. Actually, they were able to keep a continual increase in sales and net income.
The rate of death due to prescription drug abuse in the U.S. has escalated 313 percent over the past decade. According to the Congressional Quarterly Transcription’s article "Rep. Joe Pitt Holds a Hearing on Prescription Drug Abuse," opioid prescription drugs were involved in 16,650 overdose-caused deaths in 2010, accounting for more deaths than from overdoses of heroin and cocaine. Prescribed drugs or painkillers sometimes "condemn a patient to lifelong addiction," according to Dr. Tom Frieden, director of the U.S. Centers for Disease Control and Prevention. This problem not only affects the lives of those who overdose but it affects the communities as well due to the convenience of being able to find these items in drug stores and such. Not to mention the fact that the doctors who prescribe these opioids often tend to misuse them as well. Abusing these prescribed drugs can “destroy dreams and abort great destinies," and end the possibility of the abuser to have a positive impact in the community.
There has been a long standing debate as to whether psychologists should be given the right to prescribe. Prescribing medication is not something that should be taken lightly, as it directly affects the lives of many patients. According to DeNelsky (1996), psychiatrists once used “lip therapy”, but were influenced by pharmaceutical companies in prescribing medication. Psychology has branched off and built its own reputation, being involved in research and therapeutic methods in clinical settings. This is unique compared to other non-physician careers involved in health care. But with prescription privileges, this may lead to a loss in identity of what a psychologist stands for. This may change the social perception on psychology and induce
Medication administration is one of the major responsibilities that a nurse has. This change will have a great impact on the staff because adaptation can be challenging, without mention the impact on the time management, workflow of the nurses, and the readiness for change. The concepts that are involved are the competence, attitude, method, and system. Since not everybody assimilates technology the same way, the competence of some employees will be compromised with the new system. In this case, there will be a disequilibrium among the staff because some of them will be excited for a change, while others will feel as they aren’t ready to implement new tools into their work duties. These changes could create hostility between the staff members,
Though we make up less than 5% of the world population, Americans have some of the highest rates of drug consumption, including consuming 80% of the world’s opioid supply (Gusovsky). All over the media lately is the “opioid epidemic” with doctors being arrested for overprescribing and reports of fentanyl and other opiate overdoses. Yet between the news are advertisements for drugs that potentiate the effects of those same drugs or alternatives to them. Our society is based around consumerism, and this includes the healthcare market. Pharmaceutical companies are more concerned with making a profit than they are with the safety and efficiency of their
INTRODUCTION The Unites States spends more per capita on prescription drugs than any other country in world.1 In 2015, the US spent over $1000/person on prescriptions and was between 30% to 190% higher than 9 other high income countries studied.2 Total expenditure on pharmaceuticals in the US ranges between 10% (in pharmacy settings) to almost 17% of National Health Expenditure in all health care settings.2.3 Factors that determine a country’s expense on pharmaceuticals include volume of drugs/country’s population, drug utilization per person, type and mix of drugs used (generics vs brand names drugs) and drug prices.1 Estimates of rise in prescription drug spending from 2010 to 2014 showed that changes in the mix of drugs prescribed toward higher price products or price increases for drugs that both drove average price increases accounted for 30% of the observed increase in drug expenditure.2 Other factors
The case under analysis, Eli Lilly & Company, will be covering the positives and negatives with regards to the business situation and strategy of Eli Lilly. One of the major pharmaceutical and health care companies in its industry, Lilly focused its efforts on the areas of "drug research, development, and marketed to the following areas: neuroscience, endocrinology, oncology, cardiovascular disease, and women's health." Having made a strong comeback in the 1990's due to its remarkably successful antidepressant Prozac, was now facing a potential loss in profits with its patent soon to expire. The problem was not only the soon to expire patent on Prozac, but the fact that Prozac accounted for as much as 30% of total revenue was the reality Eli Lilly now faced. (Pearce & Robinson, 34-1)
Healthcare players are finding ways to mitigate the costs of the main operations, manage the care variations, and ensure standardization. The cost of prescription drugs is growing at a high rate with physician costs and hospital care cost following closely. Moreover, the costs of prescription drugs is fueled by the types of drugs, price fluctuations, and consumption as people continue to use more prescription drugs to manage their health conditions. The American population is expected to increase its healthcare consumption as companies spend more to advertise their brand name drugs leading to misuse of health care by the people. For instance, there is a growing number of people who are visiting the emergency room with problems that can be treated at a lower cost in urgent care
People may be healthy but can’t afford their homes or cars because they are paying for their medication. Martin Shkreli has now raised the price of a medication that was once $13.50 per pill to $750 for just one pill. This shows how much drug prices have increased over the last couple years. This is precisely why drug companies should lower their prices since even middle-class citizen can’t afford to keep everything else in their
Roughly 2.8 trillion dollars is spent currently on health care in the United States (Kliff, 2014). In 2013, the United States spent almost 50 percent more than the next highest health care spender, France (The Commonwealth Fund, 2016). Many experts agree health care costs consumes a significant portion of economic output as well as increased premium costs. Several factors are contributing to cost escalation such as defensive medicine, increase in the elderly population, and growth of technology (Shi & Singh, 2016). The United States is considered to have mostly a private health care system, however it spends more money on the public health care system than countries with a completely public health care system. Government funded programs, such as Medicare, play a considerable roll in health care expenditures. It is projected that Medicare expenditures will rise to 9 percent of the GDP by the year 2050 (Shi & Singh, 2016). Further concern arises with drug costs in the United