Profits and People in the Drug Industry
Instructions
Please read the case: "Profits and People in the Drug Industry" which I will attach and answer questions #2 and#3 at the end of the case from Brief Case Questions.#2. Should drug prices be regulated in a rich country as the U.S.? Discuss at least one point and one counter-point to this position.#3. From a justice point of view, discuss the issue of whether it is fair for people to pay for drugs (or other fundamental necessities) based on their income.Please write 1 paragraph per each question, so total of 2 paragraphs for both questions.
Answer
Should drug prices be regulated in a rich country like the U.S.? Discuss at least one point and one counter-point to this position.Yes, the drug prices should be regulated because as much as the pharmaceutical companies argue that the high drug prices are meant to cover the high costs of research and development to make advances in developing new drugs. It has been discovered that money doesnt go into research and development. Most of it goes to marketing, advertising, and administration, which is twice as much as the funds allocated for research and development. A recent survey showed that pharmaceutical companies spend more on paying dividends to stockholders and buying back shares to increase the price of their stocks. In another view, there should be no regulation since the pharmaceuti...
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