Drug Companies are Compromising Healthcare

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A substantial portion of people worldwide have one or more health issues

95% of people worldwide have one or more health issues, according to The Lancet, a piece that can be seen on the Science Daily website. Only one in twenty people worldwide in 2013 were free from any known illness, and a third of the world's population experiences more than five diseases at any given time. These figures are concerning because they show that people are likely to have at least one health problem that will impair their body's ability to operate normally at some point in their lifespan. Another worrying fact is that the access for treatment is becoming increasingly strenuous both financially and in terms of the available resources to treat the sickness such as facilities, medicine, and hospital infrastructure. However, of most concern is the skyrocketing price of drugs that are being sold to cure sicknesses, which are becoming costly and unaffordable for the sick patients. With companies in the pharmaceutical industry increasing the prices of their drugs due to the monopolistic advantages they have in the market, it has to lead to the healthcare sector being stretched and the effects have been passed to the patients who need the medicine (Temple, Thompson and Khan 140). Healthcare is a critical aspect of the society and it should not be compromised for financial gain, therefore there should be regulations for drug prices to protect the consumers of the drugs.

Constant need for treatment and drugs

Being healthy for the human being is not only a priority but also a constant requirement to enjoy life, with most places on earth making it a basic need to have the best healthcare for their citizens. As earlier noted, the world is full of people who suffer from ailment either knowingly or unknowingly, due to the unavoidable spread of diseases in the world. Constant need for treatment and drugs will ever be there and most of the pharmaceutical companies are tapping into this constant need to make a profit. Angell points out that the drug business is one of the most profitable businesses in the world due to the monopoly of the drug companies and the ever-present demand for their drug products (1452). Drug companies understand the advantage that they have over the consumers of the drugs hence they are able to dictate the prices of medicine, which reflects towards the patient in need of medicine by hurting their pockets. It is common for drug companies to invest a lot of money and time in the production of drugs thus the need to have a price for their drugs that factors in all the initial costs involved (Gillespie and Peerenboom 147). However, there is a huge market for the drugs with billions of consumers for the products and if the drugs sold are well priced; the pharmaceutical companies will still be able to make a profit.

Ensuring affordable drugs through price subsidies

Subsidizing of the drug prices is one way of ensuring that the drugs used to treat ailments is affordable for the average person and can be able to reach them so as to ensure they have better healthcare. It is morally wrong to deny access to medicine for the sick patients as a result of being expensive and unaffordable. As Veenhoven points out, healthcare is critical for the human being as it provides them with the opportunity to live longer and to enjoy life more with their loved ones and doing what they enjoy most (220). The most affected groups are the lower class and poor citizens who find that some of the drugs they require are beyond their means thus are forced to live with the disease and suffer in pain. The governments of most countries need to step in and have most if not all of the drugs in their countries are sold at a favorable price that creates a win-win situation for both the consumers of the drugs and the manufacturers.

Conclusion

In conclusion, the end goal is to have a healthcare system that is fitting and beneficial to the people and it can only be made possible by ensuring that drugs are sold at a friendly price that is affordable for all. Most of the drug companies receive a fairly sufficient turnover of profit from the drugs that they sell to their millions of consumers. Healthcare, however, requires some sacrifices to be made as most of the sick patients that require the drugs are from poor backgrounds and cannot afford the drugs. Thus the need for regulation of prices for the drug companies so as to have fairly affordable medicine for the millions of drugs consumers.

Work Cited

Angell, Marcia. "Excess in the pharmaceutical industry." Canadian Medical Association Journal 171.12 (2004): 1451-1453.

Gillespie, John, and Randall Peerenboom, eds. Regulation in Asia: pushing back on globalization. Routledge, 2009.

Temple, Norman J., Andrew Thompson, and Anwar Khan. Excessive medical spending: facing the challenge. CRC Press, 2007.

The Lancet. "Over 95% of the world’s population has health problems, with over a third having more than five ailments." ScienceDaily. ScienceDaily, 8 June 2015. .

Veenhoven, Ruut. "The four qualities of life ordering concepts and measures of the good life." The exploration of happiness. Springer Netherlands, 2013. 195-226.

March 02, 2023
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