The Free Market Path To Lower Prescription Drug Prices

[Emjay]

Many of the same legislators that pushed Obamacare are now trying to push another healthcare fix down the throats of the American people: prescription drug price controls. They point to rising prescription drug prices and suggest that the only solution is for more government involvement.

That’s a false choice. Instead, the solution to out-of-control prescription drug prices is more competition and fewer loopholes that prevent it. A bill in Congress, the CREATES Act, would do just that.

In an era where bipartisan cooperation is near an all-time low, in the Senate the CREATES Act is co-sponsored by Democrats and Republicans alike, including Sens. Chuck Grassley (R-Iowa), Ted Cruz (R-Texas), Dianne Feinstein (D-Calif.) and Amy Klobuchar (D-Minn.). If that group can agree, Congress should be able to move forward. It’s also supported by groups from the AARP and AFL-CIO to FreedomWorks and the Heritage Foundation.

https://www.redstate.com/california_yankee/2018/02/01/free-market-path-lower-prescription-drug-prices/

[Emjay]

This is a most interesting article.  It details some of the ways Big Pharma uses to block the manufacture of genetic drugs after their patent runs out.  Quite devious.

It also is something President Trump is behind and that he mentioned in the SOTU address.

AND it's something everybody would be on board with ... unless the dems are afraid it would be a victory for Trump.

They would block a cure for cancer if they thought that would be a victory for Trump.

[Emjay]

Another thing I found interesting in the SOTU was President Trump saying he wanted to make it easier for terminally ill patients to be able to try experimental drugs if they choose to without going to some foreign country.

[The_Reader_David]

Actually, there is no reason in the Constitution, nor any ideological reason in free market economics, why the prices of pharmaceuticals and medical devices under patent cannot or should not be regulated in the public interest.  Despite the sloppy habit of accepting rent-seekers denomination of patents (and copyrights) as a species of property, they are, in fact, government grants of monopolies.  A product under patent is not actually sold on the free market unless there are competing products that can be substituted for it -- this is not the case for the sole effective treatment for some disease, or a treatment so much superior to other available treatments that they are not substitutes.  Such a product is sold in a monopoly market, just like the services provided by utilities.  We recognize that the prices of "natural monopolies" like utilities should be regulated in the public interest, but have bought into the strange notion that the prices of monopolies artificially created by patents should not.

[To-Whose-Benefit?]

Actually, there is no reason in the Constitution, nor any ideological reason in free market economics, why the prices of pharmaceuticals and medical devices under patent cannot or should not be regulated in the public interest.  Despite the sloppy habit of accepting rent-seekers denomination of patents (and copyrights) as a species of property, they are, in fact, government grants of monopolies.  A product under patent is not actually sold on the free market unless there are competing products that can be substituted for it -- this is not the case for the sole effective treatment for some disease, or a treatment so much superior to other available treatments that they are not substitutes.  Such a product is sold in a monopoly market, just like the services provided by utilities.  We recognize that the prices of "natural monopolies" like utilities should be regulated in the public interest, but have bought into the strange notion that the prices of monopolies artificially created by patents should not.

Interesting POV.

However, since 90% of Drug Maker's income comes out of the Tax Payer's wallet through CMS, State Medicaid and Tricare, the people Paying for their products have a Right through their Govt. to renegotiate the contract.

[Emjay]

Actually, there is no reason in the Constitution, nor any ideological reason in free market economics, why the prices of pharmaceuticals and medical devices under patent cannot or should not be regulated in the public interest.  Despite the sloppy habit of accepting rent-seekers denomination of patents (and copyrights) as a species of property, they are, in fact, government grants of monopolies.  A product under patent is not actually sold on the free market unless there are competing products that can be substituted for it -- this is not the case for the sole effective treatment for some disease, or a treatment so much superior to other available treatments that they are not substitutes.  Such a product is sold in a monopoly market, just like the services provided by utilities.  We recognize that the prices of "natural monopolies" like utilities should be regulated in the public interest, but have bought into the strange notion that the prices of monopolies artificially created by patents should not.

I'm not in favor of that.  We do not need more government interference ... it always results in disaster.

The system proposed here would give pharmaceutical companies protection of their product for a decent period of time, long enough to recoup the enormous sums invested in discovery and new creation of medications.

The problem arises when those pharmas do illegal things to stop the manufacture and approval of generic drugs.

Ted Cruz is on the committee to advance this legislation and I think it is excellent

[Frank Cannon]

I want free high quality pot on demand and a once a year voucher for 1/2 price coke. After that I don't care.

[Emjay]

I want free high quality pot on demand and a once a year voucher for 1/2 price coke. After that I don't care.

You'll have to move to Colorado, although there are still counties there where pot is illegal.  My son has to drive 20 minutes to the next county.

[RoosGirl]

I want free high quality pot on demand and a once a year voucher for 1/2 price coke. After that I don't care.

I am not paying higher taxes to fund your pot and coke habit.

[Frank Cannon]

I am not paying higher taxes to fund your pot and coke habit.

Well I'm not paying for any medications to keep you alive so eff off.

BTW these drugs are medicinal, not a "habit".

[RoosGirl]

Well I'm not paying for any medications to keep you alive so eff off.

BTW these drugs are medicinal, not a "habit".

Jeez you're rude when your drug supply is threatened.  How about if I buy you a packet of poppy seeds to grow?

[Frank Cannon]

Jeez you're rude when your drug supply is threatened.  How about if I buy you a packet of poppy seeds to grow?

Seeds to grow? Is that some sort of prepper code or something? I have no idea what you are talking about.

[Emjay]

Seeds to grow? Is that some sort of prepper code or something? I have no idea what you are talking about.

Oh, no.  Is the George and Gracie routine about to commence?  It must be bedtime.

[Formerly Once-Ler]

Another thing I found interesting in the SOTU was President Trump saying he wanted to make it easier for terminally ill patients to be able to try experimental drugs if they choose to without going to some foreign country.

It's almost like the GOP actually has ideas.  That part stuck out to me too Emjay.  I think it makes a lot of sense.

[Suppressed]

Another thing I found interesting in the SOTU was President Trump saying he wanted to make it easier for terminally ill patients to be able to try experimental drugs if they choose to without going to some foreign country.

Yes, I think I actually applauded when he said that.

In fact,  speeding up FDA approvals has been one of his biggest accomplishments.

[Frank Cannon]

Oh, no.  Is the George and Gracie routine about to commence?  It must be bedtime.

@RoosGirl

Good lord. At least give us a reference under 40 years old and call us Mork and Mindy.

[RoosGirl]

@RoosGirl

Good lord. At least give us a reference under 40 years old and call us Mork and Mindy.

George and Gracie? What is that? Some kind of cutesy name for early bird like "Moons over my hammy" except it's oatmeal and prune juice or something else equally suitable for the geriatric crowd?