'Importantly, Americans pay 3.44 times more for brand-name drugs — nongenerics — than the citizens of other wealthy countries. So, how can we reduce prices?' James Rogan writes.
The U.S. accounts for 50% of global prescription drug consumption. Those revenues, including necessary profit, fund the development of new drugs that save lives. In effect, U.S. consumers of life-saving prescription drugs pay to save the lives of prescription drug users across the world. Prescription drug users in other countries are free-riding on Americans.
In turn, when it comes to future trade negotiations between the U.S. and the other countries, drug pricing must be on the agenda. Congress should mandate that U.S. pharmaceutical companies must receive reasonable profit markup, at least relative to U.S. pricing structures, when negotiating pharmaceutical prices with the socialized health systems of wealthy foreign countries. If this markup is not agreed, Congress should mandate export restrictions.
Domestic price controls, however, are a bad idea. They would lead to lower revenues and ultimately reduced research and development on life-saving drugs. The National Bureau of Economic Research is
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