In today’s New York Times, Tim Wu challenges the Administration to do something about the high cost of drugs. The op-ed – How to Stop Price Gouging – cuts to the proverbial high cost of prescription medications chase by stating, “The industry’s “safety” warnings are more politics than reality.”
Thank you, Tim Wu, for exposing this fundamental truth.
He goes on to point out the “remedy” by allowing importation, as he states, “Doing this would not only save Americans a lot of money but also deflate the incentive to engage in abusive pricing in the first place.”
Wu also shares the reality that 25 percent or more of drugs labeled American-made are manufactured in other countries in plants that are inspected by the FDA. These drugs are then shipped to the U.S., Canada and other countries.
What is the difference between the drugs shipped to Canada and the drugs shipped to the US? There is in fact only one real difference – the price that is ultimately set for patients, which he points out that in the US this price can be ’10 to hundreds of times the Canadian price.’ In effect, the FDA is already regulating imported drugs.
It is time to put patients before profits, the truth is a good starting point.
Read the full op-ed here: http://nyti.ms/2oYXXAs.