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Here's Why Drug Prices in the U.S. Are So High

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June 29 -- High prescription drug prices have been an issue for years. But with the introduction of new treatments for cancer, hepatitis C, high cholesterol and more that can cost tens of thousands of dollars a year, there's a national debate going on about the cost of medicine. Bloomberg's Drew Armstrong looks at why prescription medicine is so expensive. Like this video? Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg?sub_confirmation=1 And subscribe to Bloomberg Politics for the latest political news: http://www.youtube.com/BloombergPolitics?sub_confirmation=1 Bloomberg is the First Word in business news, delivering breaking news & analysis, up-to-the-minute market data, features, profiles and more: http://www.bloomberg.com Connect with us on... Twitter: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ Bloomberg Television brings you coverage of the biggest business stories and exclusive interviews with newsmakers, 24 hours a day: http://www.bloomberg.com/live Connect with us on... Twitter: https://twitter.com/bloombergtv Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv
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Текстовые комментарии (80)
Daniel Purdy (15 дней назад)
If the cost of R&D is so much the drug companies have to make a profit. Many failed trials unfortunately the process is so long and strenuous we see a result of increased drug prices.
jmitterii2 (1 месяц назад)
They won't change if we the people of this government, of this country allow it. All other nations from Canada, Germany, France, India, etc. have laws forbidding price gouging and these artificial monopolies by reducing patent length or eliminating them altogether. Additionally, even on generics which often don't save much since competition is in the form of a oligopoly (fewer competitors) they ensure the cost price of production is well known and only allow so much margin for profit. In some instances some countries quite literally operate to produce a particular medicine themselves to ensure it is at cost if no private for profit firm is willing to do so. Profit motive is only useful due to competition, when competition doesn't exist, profit motive is harmful to any economy. And in some sectors like healthcare including hospitals and medicines just as utilities (water, sewer, trash, electricity, telecom, internet) a natural monopoly exist that precludes real competition... thus used to determine regulations such as price controls, and collective ownership and operation to sell at near cost that includes capital expenditures (cost to grow and repair). There's a study in philosophical sciences... oh yes, it's called economics. We discern via competitive market principles... we establish all markets to become more competitive, and when such competitive markets are grossly violated for profit motive is harmful, and collective market provides better prices, quality, and quantity supplied. Solution: 1) Prohibit patent protections all medical items (drugs and appliances). 2) Subsidize full FDA trial studies to biotechs... they can make their money in appropriate profit margin via subsidies to eliminate the risk of failures by being paid for their attempts... instead of trying to come up with a marginal drug, and as a "safe" bet on another erection like pill so they can swiftly sell the patent to big pharma for billions, when they only spent a few million, making orders of magnitude in profits... then big pharma wanting to make a return on an inflated patent purchase. 3) Allow FDA to perform their own trials. 4) Allow FDA to use other countries' own approved medicines backed by their trial cases for early release to the US, so these medicines are quickly and easily available without having to wait for FDA trial studies to complete... still do a trial study in the US to ensure such studies provide similar results as the foreign country... and an easy way to discern another nations' accuracy on their own approval, is if two or more countries have approved a drug with similar trial studies that each country conducted independently..... you know, you use your fucking brain to help discern things. 5)Price restrict drugs like every other functioning wealthy country does. This means using an accounting auditing team to determine the actual cost per unit to then establish max profit, and ensure that information is available to the consumer which includes medical professionals and patient. 6) Eliminate unnecessary prescription requirements on most medicines: only medicines that should be Rx included the following a) high risk of addiction b) Extremely complicated dosing and methods of delivery and/or certain life threatening reaction to other medication. c) Side effect includes mental impairment or that involve mood or psychological changes. d) Risk to over use that may lead to evolution of resistant bacteria; like for antibiotics. All other medicines should be made into over the counter without need of Rx. This reduces barrier to purchase on the demand side, less admin cost on the supply side and would provide more quantity supplied and ability for more quantity demand... easier access. 7) Eliminate private/nonprofit insurance... establish a single payer medicare program covering the entire population residing in the US. Similar to 173 of the recognized 201 countries do... we're the remaining 28 countries that idiotic hasn't discovered or simply doesn't have the power over its aristocracy to enact.
Commando303X (1 месяц назад)
Where's the "why" part?
learn2 farm (2 месяца назад)
A worldwide market would fix this immediately
Niko942 (5 месяцев назад)
This video is complete rubish. It's purpose is to misdirect your attention to irrelevant concepts like "drug prices have always gone up". Any and all of the reasons drug prices are high all come back to the central problem of government economic meddling in the market. The government reduces competition which in turn allows the protected companies to charge more. That's the only reason prices aren't lower.
IP MAN (9 месяцев назад)
the answer, all the advertising and bonuses they pay out to there employees. in Europe,(and Canada ) it's illegal to( do comercials) advertise new drugs and the don't pay out much on there bonuses to there employees
Evan Harris (1 год назад)
Two sides of capitalism.
Santiago Nigro (1 год назад)
Is the 13.5$ to 750$/pill raise real? It's an HIV drug for God's sake
Chris Carroll (1 год назад)
Well this is a pos job of journalism, no reports of all executive pay as well as how much big investment firms made off of the profits of scumbag pharma groups that factor into the costs of medications as well as the narrow mindedness of investors who don't see or refuse to see how the maximize profit motive affects average Americans. So sad Bloomberg news, you are pathetic
BullwinkleFFMn (1 год назад)
2:24 just to say: greed ? i guess we all knew that before we clicked on the video.
root (1 год назад)
I wonder how much Bloomberg was paid by big pharma for this pile of bullshit
Robert J. Simpson (1 год назад)
Schreli stepped aside as CEO of Turing for PR reasons, full stop. The business model was to identify off-patent drugs that are a necessary component for treating rare condition, and which were manufactured and distributed to hospitals and hospitals by one company. Daraprim (one of two or three drugs used in combination to treat rare infections seen primarily in immunocompromised patients, such as patients suffering from AIDS) was no longer patentable, only one pharmaceutical company had bothered to get FDA approval to make and distribute Daraprim. Schreli's company, Turing, paid good money to purchase the pharmaceutical company still making and selling Daraprim, which was not an especially profitable drug or company, but not before convincing the company to imolement a "closed distribution system", essentially a system through which Daraprim was no longer sold to all the various chains and local pharmacies, instead it could only be purchased through one centralized pharmacy who would upon receipt of the prescription for Daraprim then courier the medication to the customer. At the same time, just prior to acquiring the pharmaceutical company, Turing donated about a million dollars to a "copay" charity. Turing's business plan, which has become very profitable, was then executed: they bought the company, then increased the price of Daraprim by 5000%. They have been able to keep other generic drug makers out of the market because any competing generic drug pharmaceutical company must perform certain tests on Daraprim and develop a manufacturing process to produce a generic that is "bioequivalent" to Daraprim - essentially, the generic drug company must show the FDA that their version of Daraprim works equally as well. To accomplish this, a competing generic company needs to legally acquire a large quantity of Daraprim pills (generic name: pyrimethamine) from Turing, but Turing has made it this extraordinary difficult for competitors because of Daraprim's tight, centrally controlled distribution system. So Turing has been able to keep a generic drug version of Daraprim from being developed even though Daraprim (pyrimethamine) is unpatented. Turing was able to radically raise the price of Daraprim because it remained the sole source of the medication and because their are no alternative medications that can be substitute for Daraprim - the demand for Daraprim is said to be "inelastic" (i.e. the demand for the medication remains the same regardless of its price). But if a 100 day treatment of an infection such as Toxoplasmosis requires more than pill a day at $750 per pill, who can afford it? As it turns out: everyone. How? Those who are uninsured get a discount or will pay as little as 1$ a pill through Turings financial assistance program. Around 75% of patients get it for $1a pill. Privately insured patients having difficulty meeting their co-pay amount can apply to the co-pay charity that Turing donated to. Patients who are either privately insured (and can meet their co-pay amount), or insured through Medicare or Medicaid have their drug benefit insurance pay the whole $750 per pill. In the final analysis, inspite of Daraprim's hugh cost (which might average around $100 000 for a course of treatment), that the drug (pyrimethamine) is off-patent and the fact that 75% of its medication is basically given away, Turing earns good profit for the following three reasons: 1) Daraprim's inelastic demand. 2) Its controlled distribution system prevents generic drug companies from getting a supply of Daraprim to conduct the studies and develop a manufacturing process of a bioequivalent generic, as required by FDA rules. 3) Private drug benefit plans and those associated with Medicare and Medicaid pay the full price: $750/pill.
Blockchain Bot. (1 год назад)
US don't regulate the drug prize,trumptard they dont want big Goverment??
15heartz (2 года назад)
NO MONEY IN CURING PEOPLE SAD TRUTH
Dougie Quick (11 месяцев назад)
Some truth there but certainly not across the board....i paid HUGE money to actually get CURED of HCV...Harvoni makers made a TON of money AND they cured me
Scotty Rob (2 года назад)
Because free market capitalism. There, I saved you 2 minutes.
Jason H (4 месяца назад)
and lack of competition
pointlessfailure (2 года назад)
This what I like to call The Mr. Burns Syndrome; exploiting people when they need help the most. Sooner or later they'll block out the sun so we have to pay outrageous prices for electricity.
lonewolf (2 года назад)
Blame the GOP AND REAGAN, the love of money prosperity doctrine instead of generosity and benevolence doctrine. They allowed Advertizing By big Pharma directly to the people. The cost directly inflating and influencing the motive of making drugs from helping sick people to helping the Corporate leaders and stockholders of wall st. portfolios for profits. The love of money and how much money proof of how much god loves you Christian precept principle and principality. Just like with Santa Claus the good are the rich and the poor naughty. Opposite of what the Jesus the Christ Teaches but is what Jesus the Anti-Christ preaches.
Dougie Quick (11 месяцев назад)
Inestimable number of people however discover there is help for their symptoms via advertising ...HMOs probably HATE patients coming in and asking the doc "Why can't I try this?" Cause in a lot of cases the doctor AS a condition of employment is highly discouraged from trying expensive thing if at all possible
accordio13 (2 года назад)
This post is nonsense. One of the fundamental problems with Obamacare: NO COST CONTROLS!! They do not allow price competition with Canadian and European Drug Companies. So much for that good olde American Competition. Also Medicare and Medicaid are not allowed to negotiate with drug companies on price subject to binding arbitration. Drug companies do not get to talk things to death over many months/years!! No Free Market here: CONTROLLED MARKET!! So guess who gets screwed??
Dougie Quick (11 месяцев назад)
Hey maybe the violence in mexico is sponsored by big pharma! Thousands of BUSLOADS of american citizens WERE visiting mexico REGULARLY to save a bundle on their prescriptions! Coincidence that just as that was REALLY taking off, a bunch of Americans met with mishap south of the border? That is all dead now I hear
Dougie Quick (11 месяцев назад)
why just canadian and european? Why not asia and india etc? IF people are comfortable with another countries version of FDA? LET people make their OWN decisions....i heard a lot of US drugs are made in like Mexico ANYWAY!
Neavris (2 года назад)
"Pfizer made 1 billion more from drug price increase" Out of $51.6 Billion in profit, you asshats... Give the full picture next time. It's only 1/50th more in profit for that company.
MacDaddy635 (2 года назад)
Medicine should only be for those who can afford it.
Jason H (4 месяца назад)
50 billion for research? that needs to change
troy arrington (5 месяцев назад)
I hope you get a disease, that requires medication you can’t pay for
PhsycoEarthling 234567890 (10 месяцев назад)
MacDaddy635 so it should only be for rich wealthy people while the people who dont have to suffer and die off hm sounds abit unfair and unequal
NmE * (2 года назад)
Capitalism+greed= fucked populace.
Christian Haas (2 года назад)
No it's the free market! Dumbfuck
Lim Sky (2 года назад)
This stupid vid would make some sense if the rest of the world pays for the same price for the same drug but we dont lol
peter lee (2 года назад)
This is the reason why Americans go to Mexico and Canada to buy prescription drugs. The pharmaceutical industry in the U.S. steal tons of money from its people and government because the politicians are bought by them. They can do whatever they want and no politicians will do anything about it and the media will lie to the population about the reason why they increase the price of drugs. Everywhere in the world they sell the same medicine we have at a much cheaper price, because they value life over greed.
michael (2 года назад)
Look, I understand the medical industry has every right to turn up a profit and that it is ultimately a business. However, we run into ethical issues on just how cutthroat an industry should be when these companies literally handle life and death. We aren't talking about video game console wars or the competitiveness between smartphone companies. Anything within the medical industry deals with peoples health and therefore whether or not they live or die. Just how much power should they have? Just how dangerous and unethical is it to hold peoples lives at ransom? Pay up or die?
12345a (2 года назад)
that's why I love living in India. high quality medicines for dirt low prices, as India is a major exporter also, all the medicines sold are generic
12345a (2 года назад)
+first 48 sure you did -_-
first 48 (2 года назад)
I went to India on vacation and bought morphine and heroin. really good over there
12345a (2 года назад)
+xMaXiMuSx okay, you farmer suicide point was valid, but after that you just went into the bull shit zone. I have lost interest in talking with you. though just an fyi , farmer suicides are mostly due to ancient agricultural practices or lack of monsoon , both of which lead to failed crops Both of these things are improving astonishingly fast
xMaXiMuSx (2 года назад)
I didn't assume much at all actually.  I just look at hard data actually.  Of course goods are cheaper in India, they tend to be in low income countries.  I'm well aware of agriculture in india but I'm also aware of massive debt many farmers have there and high rate of suicide for example.  You seem to miss have missed that.  it's hard to say how much india is developing especially with your current extreme right wing neoliberal president who seems to allow foreign corporations to plunder the country.
jerry bayline (2 года назад)
Just say they are fucking crooks, its ok we already know
Nate Brown (2 года назад)
Drug prices are high because Americans are easy to take advantage of and enjoy being ripped off.
Dougie Quick (11 месяцев назад)
We also LOVE to join class action lawsuits
Tenuk868 (1 год назад)
Thanks to republicans , well at least we got big tanks
olmosm1 (2 года назад)
Let your food be your drugs and your drugs be your food. Back to nature and stop eating shit with all kinds of chemicals your system is not built for it.
ryan weidman (2 года назад)
well they are sure they aren't meant for us in the wild, but farming and cooked food isn't "natural" and they help
Nicky V (2 года назад)
man at this rate is a better investment to buy the drugs storage them and then sell then than buying the stock...............shame shame shame
RWS (2 года назад)
Let them charge a higher price when they actually make a drug that actually works. Without dangerous side effects.
troy arrington (5 месяцев назад)
RWS you should not have to choose between paying a higher price or dying
Ben Parkinson (2 года назад)
If the RnD is so expensive when the big pharma corporations do it then they should not be the entities performing this portion. Instead it should be within scholarly institutions where the research is the goal, this would introduce a massive efficiency that does not exist now in the usa. Possibly a more interesting example would be the hepatitis C cure and the price difference in usa and Europe vs. India where it is cheaper due to health care laws that mandate domestic generic production.
RawhideProductions1 (19 дней назад)
They do this in other countries and do not come up with new drugs. The profit motive is why the US is a leader in producing new drugs. All generics had to be discovered at one time and many of the affordable generics were at one time expensive patent drugs.
L Gorman (2 года назад)
Martin is in JAIL now is he not?
Adam Mehal (5 месяцев назад)
Yes for tax evasion i believe
troy arrington (5 месяцев назад)
Not for price gouging though
Putther (2 года назад)
LOL
johnnyboy562 (2 года назад)
no he has a youtube channel and streams twitch
grumbybear (2 года назад)
Americans pay more for prescription drugs because the government does them to buy drugs across borders.  When it comes to prescription drugs, there is no “Free Trade”.  It took me 1 Goggle search to find a PBS article to show R&R is 10% to 15% of the cost as oppose to 30% to 40% for marketing. Here is a quote from the article: “So the argument that you should pay higher prices to drug companies to promote innovation, that's wrong? I don't know a single economist who would buy into that argument. I think this is a lobbyist argument. A market works best if there are no inefficiencies, and higher-than-necessary prices are inefficiencies. And the drug companies now spend more for marketing the drugs than for innovating the drugs. This clearly is an artifact which comes across with this system of subsidized and too-high prices.”Here is another quote from the Law Dictionary: Is it Legal to Buy Prescription Drugs from Canada?“The U.S. Food and Drug Administration is the entity that is in charge of determining whether or not prescription drugs are both safe and effective. Drugs purchased outside of the U.S., even if they appear to be the same as those that are bought in the States, can have a different composition. Furthermore, drugs bought outside of the U.S. are not guaranteed to have been produced in facilities that are kept to the high standard the FDA requires of its domestic drugs. Because of this, it is illegal for companies or individuals to purchase foreign drugs with the intent to resell. It is also illegal for many individuals to purchase Canadian drugs for personal use”.So if you live in Detroit, you pay twice as much for you heart medicine but you can relax because you are not going to die like those poor suckers across the bridge in Windsor when they get the cheap placebo.  Thank the Powers to Be, Big Pharma and Big Brother for watching over me, Yes sur, I am happy Non-Sex Worker.  Arbeit macht frei
mr7wi (2 года назад)
False equivalency argument Bloomberg. Pharma brush bought an old patent and jack the price - no research here.
labrat324 (2 года назад)
Hmm, no mention of government subsidization in the medical sector? For some reason I'm not surprised...
HD (2 года назад)
STOP STARTING SENTENCES WITH THE WORD "SO!"
Dougie Quick (11 месяцев назад)
So...why do you say that?
Stating The_Obvious (2 года назад)
so, HD... do ya think they'll stop starting sentences with "so" just because you demand it in CAPS?
King of Cannabis (2 года назад)
So does anyone give a shit other than "HD"?
Tilo W (2 года назад)
so, why ?
Jazzy (2 года назад)
well that didnt answer any questions at all. but, i appreciate the effort in raising awareness to the greed of the pharmaceuticals industry in the USA. if the same pill is drastically cheaper in a country with a significantly lower gdp (india) than it is in the USA, there is a major problem. source: http://www.bloomberg.com/news/articles/2015-12-29/the-price-keeps-falling-for-a-superstar-gilead-drug-in-india
Dougie Quick (11 месяцев назад)
Not to mention HUGE lawsuits with HUGE payouts on SO SO MANY drugs...
ATL 1 (1 год назад)
No AdHominem that still doesn't answer the question.
Mike black (2 года назад)
you're dumb and wrong

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