Government Regulation: Lowering Drug Prices and Rising Pharmaceutical Fraud in the U.S.

Pharmaceutical companies have exploited deregulation of drug and medical device prices, asserting medical innovation requires prodigious investments to drive scientific advancements. Trends have shown pharmaceutical companies benefit from keeping people sick, not from finding and administering cures. Patients are left to face astronomical costs, leaving only a minute percentage of patients with the financial ability to save themselves. The United States (U.S.) Food and Drug Administration (FDA) tests drugs to determine safety and side effects; the FDA has no power over drug pricing, nor ensuring that a drug is used for its designed purpose or audience. America has no regulatory body to determine the need, demand, worth or price of an existing drug, in comparison to new drugs continuously entering the market. Fragmented health insurance companies have little say in regards to pricing and maximize profits with every illness. The financial burden to purchase cures and drugs is becoming an overbearing source of stress within the U.S. Many Americans will illegally import drugs from foreign countries; others will fall victim of purchasing and using counterfeit drugs. Some will travel overseas seeking medical treatment, resulting in less than half the price tag within the U.S. All of these avenues enhance the ability for fraud to occur, while the U.S. big pharma’s enhance their mafia like monopoly. Establishing government entities to regulate and haggle pricing between pharmaceutical companies and their shareholders, is transcending into an urgent need. Establishing affordable care, mirroring our neighboring nations will aid in diminishing pharmaceutical fraud’s ability to flourish, strengthening innovations ability to find cures; cutting counterfeit drug expenditures which will lead to preserving life lost amidst desperation