Term Paper: Health Care Economics Heath

Pages: 3 (911 words)  ·  Bibliography Sources: 1+  ·  File: .docx  ·  Level: Master's  ·  Topic: Medicine

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[. . .] In other words, it could lead to the legalization of drug re-importation and such a situation would further increase the size of the drug re-importation phenomenon. In such a setting, the American pharmaceutical companies would be faced with decreased revenues and competitiveness within the domestic market place, and this would lead to further price increases in the medicines. Furthermore, the safety of the people would be endangered, since the FDA would be unable to supervise drug distribution.

(3)

Another notable challenge within the modern day American health care sector is represented by the prices of the drugs, which continue to increase and make it more difficult for the population to afford medicine. In such a setting, a question has been raised relative to the possibility of capping the prices for drugs in the country. In other words, a question is now being posed relative to the possibility of regulating the prices of the prescription drugs.

Like with any other debate, there are two stands to the issue. For once, there are those argue against drug price control, believing that the political intervention would disrupt the supply-demand equilibrium within the market, and would also reduce the competition within the industry (Morton). From a political standpoint nevertheless, the control of the prescription drug prices is a more appealing solution.

At the political level, the better control of the prices is attractive as it would allow the federal institution to better monitor the activity and revenues of the pharmaceutical companies. Additionally, it would also help to improve the image of the political parties, who would enhance their reputation by making medicine more accessible to the population.

Then, the political parties see the price controls for prescription drugs as a mechanism of controlling the market and economy of the pharmaceutical companies. By implementing new laws and regulations, the government would prevent the leading pharmaceutical companies from gaining monopoly within the market, which is a situation to be avoided. Overall, the political argument for control of prescription drug prices is represented by higher levels of population affordability and access to medicines.

References:

Morton, F.M.S. The problems of price controls. Health and Medicine. http://www.cato.org/pubs/regulation/regv24n1/morton.pdf accessed on October 5, 2012

Health economics II. Overcoming inefficiency through managed care. A look at David Drannove's rationale. University of Canterbury. http://www.econ.canterbury.ac.nz/personal_pages/john_fountain/Teaching/HealthEcon/econ338/workshop/Sam%20on%20Dranove.htm accessed on October 5, 2012

Prescription drug re-importation question and answer sheet. AARP. http://assets.aarp.org/www.aarp.org_/articles/international/ReimportationQA.pdfaccessed on October 5, 2012 [END OF PREVIEW]

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Health Care Economics Heath.  (2012, October 6).  Retrieved December 7, 2019, from https://www.essaytown.com/subjects/paper/health-care-economics-heath/9089556

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"Health Care Economics Heath."  6 October 2012.  Web.  7 December 2019. <https://www.essaytown.com/subjects/paper/health-care-economics-heath/9089556>.

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"Health Care Economics Heath."  Essaytown.com.  October 6, 2012.  Accessed December 7, 2019.
https://www.essaytown.com/subjects/paper/health-care-economics-heath/9089556.