Question

"Drug prices are higher in the U.S. than in other wealthy countries" a very interesting statement, do you think this is true and if so research such a country and compare the two. . Competition within the drug companies is alive and well, and the so called "Me too" drugs are becoming widespread in the market place, how do you think we can control this side of the competition? And do you think this offers any value product wise to consumers? . How does all this price competition between drug companies fare with the Affordable Care Act? After all the ACA's main objective is to contain cost and provide equal opportunities of services to all consumers, so what do you think the effects would be?

Answer 1

answer-

1- yes the statement is true because U.S. spends the most at $1,011 while other countries spend on drugs is almost of that. for example countries like Germany spends $686 on drugs,australia spends $427 on drug prices. And it is not like Americans are overly reliant on prescriptions drugs as compared to their European counterparts. Americans use fewer prescription drugs, and when they use them, they are more likely to use cheaper generic versions. Instead the discrepancy can be traced back to the issue plaguing the entirety of the U.S. health care system: prices.

The reason for such big different between US and other countries is that in US there is lack of Competition among drug providers who provide drugs at higher prices which are not available and other countries like Australia has proper regulation over drug distribution. their prices are standards while in US the prices are dynamic according to the medicine provider.

The Food and Drug Administration has also consistently moved to relax direct-to-consumer advertising regulations, a practice that is either banned or severely limited in most other advanced nations. While there are limited information benefits to consumers, this practice has certainly increased consumption of high-priced drugs.

Additionally, the overall complexity of the U.S. health care system and the lack of transparency in the drug supply chain system create conditions favorable to limited competition and price maximization.

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