Big Pharma, Big Bucks: Overpricing Lifesaving Meds

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Conclusion

It appears from my research that the decisions to hike drug prices beyond the reach of the average patient are being made by CEOs who are not physicians. Our textbook states that, “the individual selected as CEO must possess the competence and the character necessary to maintain satisfactory standards of patient care” (Pozgar, 2016, p. 265). Pharmaceuticals are a huge part of the healthcare industry, as many, if not most health challenges are treated with medications. While Big Pharma doesn’t have direct patient contact, I feel they should be held to the standard mentioned in our textbook and cited above—and select CEOs who are not simply astute business people out to maximize profits. The situation as I see it is a conflict of interest. Most pharmaceutical companies are publicly traded and consequently are accountable to their shareholders and stakeholders for profits. I appreciate that businesses have a right to make a profit. For me, however, it is unethical to hike the price of drugs that have been in the marketplace beyond the financial reach of patients who have relied on them for years. I find the practice of pricing essential medications exorbitantly for the sake of enormous profits unethical. I feel the scenario of acquiring drugs already in the marketplace with patients relying on them to sustain their health, and hiking the prices to astronomical levels to be not only unethical, but also unconscionable and inhumane.

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References

American hedge funder Martin Shkreli increases price of Aids-related drug by 5,000pc - Telegraph. (n.d.). Retrieved from http://www.telegraph.co.uk/news/worldnews/northamerica/usa/11882281/American-hedge-funder-Martin-Shkreli-increases-price-of-Aids-related-drug-by-5000pc.html

Daraprim® (pyrimethamine) 25mg tablets by Turing Pharmaceuticals AG. (n.d.). Retrieved from http://www.daraprimdirect.com/patients

Forbes Welcome. (n.d.). Retrieved from http://www.forbes.com/sites/dandiamond/2015/09/22/greedy-pharma-executive-cancels-5000-price-hike-but-he-didnt-fix-the-real-problem/

The life-saving pill ‘pharma bro’ increased to $750 now has a $1 competitor - The Washington Post. (n.d.). Retrieved from https://www.washingtonpost.com/news/to-your-health/wp/2015/10/23/the-life-saving-pill-pharma-bro-increased-to-750-now-has-a-1-competitor/

Pozgar, G. D. (2016). Legal and ethical issues for health professionals (p. 265).

Pyrimethamine - Wikipedia, the free encyclopedia. (n.d.). Retrieved October 27, 2015, from https://en.wikipedia.org/wiki/Pyrimethamine

What The Daraprim Price Hike Actually Does To Health Care. (n.d.). Retrieved from http://www.huffingtonpost.com/entry/daraprim-price-turing-shkreli_560063cee4b00310edf82060