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Monopoly in pharmaceutical industry
How competition effects pharmaceutical companies
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The medical industry, with one of its sole purposes is to keep us safe and alive is killing America at an ever quickening speed. As a society we have discovered and created vaccinations, medical equipment, medications and treatments which are able to prevent diseases and save peoples’ lives from so many different dangerous situations under the sun. Recently the hand of greed has reared its ugly face in the form of drug companies like Mylan, the sole producer of the Epinephrine auto-injector, EpiPen. The average vial of Epinephrine costs just around $1 for a dose which is needed to reverse the effects of Anaphylaxis. Since Mylan has purchased the rights to sell the EpiPen from Merck KGaA they have raised the price over 600% from their original cost. EpiPen as a product has not vastly changed in that time period. EpiPens only last for about 18 months and therefor have to be replaced fairly frequently. Albeit the devices themselves are extremely well developed and …show more content…
Regulatory governmental organizations like the FDA should also be responsible in making sure that single companies like Mylan don’t control the whole system and therefore the lives of thousands of Americans. Representative Gerald Connolly even went as far to call it a monopoly during the House Oversite Committee. “your competitors don’t even equal 6% of the market Ms. Bresch, that doesn’t even pass the giggle test what you are asserting. You virtually have a monopoly … but unfortunately it is at the expense of people who need it.” This is caused by the fact that other companies are unable to get approved through the FDA and remain competitive. Mylan also forced schools to sign agreements to sign statements that they couldn’t buy any other auto-injectors from any other company. She claims that she cares about the health the children, but it seems to be pretty clear that Mylan and herself have a lot to gain by taking advantage of the
Abramsons points are well taken, and it truly is a shame that the medical industry has become a business. In my opinion, if the pharmaceutical industry was taken out of the hands of the capitalist marketplace and given the to the government, it would become less of a business. Prescription drugs are not ordinary consumer goods; they are products that can ultimately save lives. If a money-oriented company controls these products, it is inevitable selling the drug would become a greater priority than actually creating a beneficial drug. Which as a result, will to the creation many well-marketed yet ineffective
Tylenol is part of the Johnson & Johnson Company. Once they made the connection between the report and the Tylenol they put customer safety first, before they worried about the company’s profit. The company immediately informed customers not to consume any type of Tylenol product. To throw away what they had until the extent of the tampering could be determined. Johnson and Johnson stopped all production and advertising. The recall included approximately 31 million bottles of Tylenol.
"In the past two decades or so, health care has been commercialized as never before, and professionalism in medicine seems to be giving way to entrepreneurialism," commented Arnold S. Relman, professor of medicine and social medicine at Harvard Medical School (Wekesser 66). This statement may have a great deal of bearing on reality. The tangled knot of insurers, physicians, drug companies, and hospitals that we call our health system is not as unselfish and focused on the patients' needs as people would like to think. Pharmaceutical companies are particularly ruthless, many of them spending millions of dollars per year to convince doctors to prescribe their drugs and to convince consumers that their specific brand of drug is needed in order to cure their ailments. For instance, they may present symptoms that are perfectly harmless, and lead potential citizens to believe that, because of these symptoms, they are "sick" and in need of medication.
There seems to be no law protecting patients from the price increases that these big pharmaceutical companies are making. Marcia Angell, is an American physician, author, and the first woman to serve as editor-in-chief of the New England Journal of Medicine. In chapter 10 of her book, The Truth About the Drug Companies, she talks about stretching out the idea on monopoly. Patents makes it illegal for a specific set amount of time for competitors to sell the same/similar drugs. Once the patent is over, when the company loses its rights to a drug, the Food and Drug Administration (FDA) arranges for the generic version of the drugs made by a different company to go out on the market. When there is only one generic brand on the market, the cost may not be as cheap because the generic brand and the brand name shadow prices. This keeps the generic version just beneath the price of the brand name. Although the generic is not that much cheaper than the brand name, in the course of one year, the brand name company will lose hundred of millions of dollars due to generic drugs. From an economic point of view,
The United States of America accounts for only 5% of the world’s population, yet as a nation, we devour over 50% of the world’s pharmaceutical medication and around 80% of the world’s prescription narcotics (American Addict). The increasing demand for prescription medication in America has evoked a national health crisis in which the government and big business benefit at the expense of the American public.
Doctors work under intense pressure, and if a pill could fix a patient’s problems than many saw nothing wrong with that. What exacerbated the problem was that many hospitals also changed their modus operandi with regards to treatment. In some hospitals, “doctors were told they could be sued if they did not treat pain aggressively, which meant with opiates (95). However once the patient became addicted and could no longer get their prescription legally refilled, the drug dealers saw their chance. What is surprising is the fact that pharmaceutical companies acted in the same manner as drug dealers. Both sides did not care about the end user, and the problems they would have to deal with after using what was given to them. Their motive was purely to profit as much as possible, and they did not care about who would get hurt as a result of their
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...
Third is performing reckonable accident errors that have been impaired on patients whereas the amount also was listed at $1.7 Million from 2008.Fourth the U.S. reckless spends about 100-200 billion a year in curing uninsured patients. Fifth, the most commonly talked about drug of all is tobacco, which amounts to about 96 billion. Healthcare not only does give patients the importance of everything but we also have technology along with so many life-enhancing benefits is ridiculously high and is way over the line. Which is why so many of our medical learners are not being trained enough to understand the importance of procuring and delivering prescription drugs that have cost about 1.3 billion dollars. The Question we should ask ourselves this how is it going to look when those are in need of a serious medical issue of having what’s required of them to take in order to ease their pain.
Government factors into the equation of the argument. Critics of the drug industry say that there is not enough regulation, while supporters of the pharmaceutical companies argue that there is too much regulation and that that is one...
Wieczner mentions that “in its new statement, Mylan again pointed to pointed to health insurance trends “driven by the implementation of the Affordable Care Act” as the reason patients “have faced higher costs for their medicine” (n.pag.). Executives including Bresch of Mylan reference EpiPen as her baby, because this is Mylan’s first billion-dollar drug, that reach $1 billion in 2014 and 2015 sales (Wieczner n.pag.). When Mylan bought EpiPen as part of a negotiation with Merck in 2007, the drug had previously been on the market for almost twenty-five years and the drug’s original approval in the United States was in 1939, yet it was not that well-known back in that time (Wieczner n.pag.). Back then, in sales, EpiPen was earning less than $250 million (Wieczner n.pag.). Npw, forty-seven states have laws about forming epinephrine auto-injectors to be available in schools in case of a severe allergic reaction, mainly as a result of Bresch’s endeavors (Wieczner
There is much controversy over whether or not minors should be tried and convicted as adults; most often with cases involving murder.
The United States spends more per capita on health care than any other country, with the percentage of gross domestic product dedicated to health care doubling from 9% in 1980 to 18% in 2011(Kesselheim,). One of the contributors to health care inflation is prescription drugs. Pharmaceuticals account for about 10% of total health care costs, spending on pharmaceuticals is poised to swell in upcoming years as a result of the increasing prices of complex specialty medicines (Kesselheim). Name brand drugs are going to have to be set at higher prices, in order for pharmaceutical companies to receive a profit. If the patient has full coverage on a medication, there is a greater chance that medication will be taken, although it may not be
In recent years’ health reform has been a driving force in the United States political system. If you watch the news, you will understand how citizens, the government, or the economy are or might be affected by some sort of change in medical regulation. One of these hot topic issues is the cost of prescription drugs. Every major drug market besides the United States regulates the price of drugs in some way (Abbott and Vernon). By the United States not doing so, many believe it opens consumers up to being exploited by large pharmaceutical companies.
Overcoming adversity is imperative. In fact, you can 't have the happiness and success you want unless you have adversity in your life and overcome it. It is essential for progressing into who you want to be. It shows you what you are made of. It teaches you more about yourself, how to approach what you want, and how to maintain the success that you have. Without it, you wouldn 't know how far you could go or how capable you are because you wouldn 't have anything to push you or compare to.
Many don’t realize that the road to success isn’t so much a road as it is a winding,