Drugs in America are notoriously pricey. Can critics shake things up?
Save time by listening to our audio articles as you multitaskDrugs in America are notoriously dear. In 2019 spending on prescription medicines came to $1,126 per citizen, twice the figure in other rich counties . Critics like Mr Cuban seek to shake things up. He intends to offer thousands of cheaper drugs by the end of the year. His company buys these directly from manufacturers and sells them to consumers at cost, plus a 15% mark-up and a $3 pharmacy fee.
Competing on price seems like an obvious thing to try in America’s overpriced drug market. A lack of such competition suggests that obstacles get in the way. In the American market for patented medicines, the drug’s inventor has a great deal of pricing power, which has driven prices higher. Developing new therapies is a costly gauntlet of research, clinical trials and regulatory hurdles. All too often it ends in failure. Risks can be reduced by picking well-understood diseases.
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