Question

given that one of the most prevalent and persuasive arguments for relatively high drug prices is the high cost associated with research and development and regulatory compliance, is there a way to combat those costs?

Answer 1

Yes, there is a way to combat the high R&D (research and development) costs and regulatory compliance costs that pharmaceutical companies have to incur and bear. The research and development activities of drugs manufacturer and pharmaceutical companies can be streamlined. Streamlining of R&D activities of pharmaceutical companies will reduce the risk of failure that the pharma companies are exposed to. Risk of failure for pharma companies is very high and streamlining of their activities by federal agencies will increase the probability of their success. This will enable the pharma companies to reduce the expense burden from their costly development programs. Also the level of regulatory compliance that the pharmaceutical companies are exposed to should be systematically reduced by the concerned authorities. This will enable the pharmaceutical companies to accelerate the launch of new medicines and drugs and the reduced time to market will enable them to lower costs as they will start monetizing their research efforts quite early.