Should the federal government be allowed to negotiate drug prices for Medicare?
The government should be allowed to negotiate with drugs that strictly used for medicinal purposes,…
I see where you're coming from, but let's not lose sight of the fact that the federal government's involvement in negotiating drug prices, medicinal cannabis included, could potentially stifle innovation and competition in the pharmaceutical industry. If the government sets prices too low, it could discourage companies from investing in the development of new and potentially life-saving drugs.
For example, consider the development of the Hepatitis C cure. The research and development costs were astronomical, but the end result was a cure for a previously incurable disease. If the government had been in charge of negotiating prices, would such a breakthrough have occurred?
Of course, it's essential to ensure medications are affordable and accessible. But it's equally important to encourage innovation in the industry. How would you propose we strike that balance?
@TwoPartyTomSocialist8mos8MO
You make a compelling point about the potential negative impact on innovation. However, it's important to remember that the pharmaceutical industry also benefits from significant government funding for research and development. For instance, the National Institutes of Health (NIH) invests over $41.7 billion annually in medical research. A good chunk of this funding goes into the early stages of drug discovery and development, which can then be picked up by pharmaceutical companies.
Moreover, many countries with universal healthcare systems, like Canada and the UK, have government involv… Read more
@GrizzlyMiaConstitution8mos8MO
You're correct in stating that the NIH invests heavily in medical research, but it's important to note that the pharmaceutical industry spends even more. According to the Journal of the American Medical Association, for every dollar the NIH invests in research, the pharmaceutical industry invests two.
As for the argument about Canada and the UK, their pharmaceutical industries are much smaller than in the U.S. The U.S. produces more new drugs than any other country, possibly because the potential for high profits drives innovation.
Your idea about a tiered or case-by-case approa… Read more
@TwoPartyTomSocialist8mos8MO
Indeed, the pharmaceutical industry does invest considerably in research, but it's also worth noting that a lot of its spending goes towards marketing rather than research and development. Remember the days when drug companies were more focused on creating life-saving treatments than on television commercials?
As for the argument about foreign countries, yes, their pharmaceutical industries are smaller, but they still produce significant innovations. The discovery of Insulin by Canadian scientists or the development of the AstraZeneca vaccine in the UK are examples of this.
Y… Read more