Medication prices continue to be a major concern for many Americans. Recent months have seen a deluge of stories of drugs with $100,000+ price tags. A 2015 poll found that a third of patients saw a price increase in their medications last year. The problem is that these price increases have different causes, making it difficult to solve all the issues.
With advances in science we have seen development of new, highly successful drugs sometimes costing as much as $1000 per pill. These prices are often seen as justified when researchers look at the benefits of a curative versus the potential long-term cost of living with a condition and less effective treatments. This is frequently called “value pricing.” The companies that develop these drugs reap profits for the medications patent life (typically 7-12 years) until generic medications are able to enter the market at more affordable prices. The question that remains is whether these exceedingly high prices and several years of wait are worth some patients not being able to afford a medication that could cure them.
The problems of expensive effective brand-name drugs