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Discuss how you would apply James 2 to
what you learned in Chapter 11.
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is apparent that the United States has a problem, but what are
some solutions to to this crisis? Unfortunately, there is no simple
solution to this complex problem, but in order to move forward, we
propose several methods that may incite change in the current
system in place. Historically, pharmaceutical companies dictate
pricing with no restrictions from Medicare, Medicaid, or
Federal/State governments. The US government (i.e. Medicare,
Medicaid, Tricare, etc.) is the largest buyer of prescription drugs
in the world, yet they have no say in the pricing of drugs. Our
government also generally issues funds to these pharmaceutical
companies for research and development, with substantial
investments in the basic science that leads to new drug
discoveries. For example, the federal government spent $484 million
developing the cancer drug Taxol, which was then taken under
agreement with Bristol-Myers Squibb in 1993. In 10 years, the
manufacturer earned $9 billion in revenue and paid the federal
government $35 million in royalties (article). Although 75% of new
innovative drugs are supported by federal funding, most consumers
and payers are unable to afford these medications due to the
unreasonable prices. (article) We propose for the United States
government to have the ability to establish delegated sectors to
negotiate drug prices. By giving the government some power in
dictating cost, this could substantially lower introductory prices,
annual costs, and which may reduce out-of-pocket costs for
patients. For example, the government may establish a drug’s
ceiling price similar to the Federal Ceiling Price program used by
the Department of Veteran Affairs. They may also begin use of
reference pricing, thus permitting the Department of Health and
Human Services to set a benchmark price for clinically comparable
drugs that are interchangeable. Though these changes may produce
more cost-effective medication, a drawback may be the lack of
market diversity. Rather than having one pharmaceutical company
dictating the price, the federal government is dictating the price
thus creating a lack of competition. Having one body dictate
everything may create tensions b>
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