Big Pharma: Market Failure

This new video – Big Pharma:  Market Failure – looks at the impact of outrageous drug prices in the U.S. on the public, businesses and overall economy.

This in-depth look at the problem of high priced #pharmaceuticals helps put this into perspective, there is nothing stopping #BigPharma from charging whatever they want for medications regardless of their value.

The typical #BigPharma arguments are explored and discredited. As they waive the banner for being champions of research and development for new drugs – the majority of innovation takes place at federal agencies such as the National Institutes of Health and within small biopharmaceutical companies that are later acquired by #BigPharma companies.

Historically, the price for many drugs increases after approval by the Food and Drug Administration as they are treated as new drugs, when in reality there has only been a minor clinically insignificant change. This benefits #BigPharma by extending the patent on a product, which gives them (fundamentally) a monopoly for the drug and opens the door for a price increase.

They then spend millions on advertising and promoting the drug and marketing to doctors, who can receive a commission on prescribing medications.

The bottom line is that the system is terribly fractured and broken and needs to be fixed. We are here to fight for access to safe and affordable prescription medications, and help consumers differentiate between #BigPharma fact and fiction.

This video does a great job spelling out the truth from myriad fallacies. Watch the full video here: