Prescription Drug Prices, business and finance homework help

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Prescription Drug Prices

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Preparation:

  1. Research corporate social responsibility actions of corporations.
  2. Research Federal and State efforts to curtail increases in prescription drug prices in U.S. and other countries.
  3. View Videos:
    1. Prescription Drug Pricing in U.S.
    2. Set F: Videos on Corporate Social Responsibility

Background:

Article 1 –

What’s behind the sharp rise in prescription drug prices? – CBS News

By DENNIS THOMPSON HEALTHDAY

Prescription drug prices are skyrocketingin
the United States due in large part to government regulations, a new
analysis finds. These regulations allow drug manufacturers to charge monopolistic pricesthat aren’t opposed by competing market forces, the researchers believe.

Drug
makers charge high prices for drugs thanks largely to “market
exclusivity” regulations intended to allow them to recoup the research
and development costs for new breakthrough medications, said senior
author Ameet Sarpatwari. He’s an instructor at Harvard Medical School
and the Harvard T.H. Chan School of Public Health in Boston. The companies can do this largely unopposed because the nation’s largest health insurers — Medicareand Medicaid — aren’t allowed to negotiate prices, he added.

Those
insurance programs cover one out of every three Americans, but under
federal law must pay whatever price the drug makers charge.

Article 2 –

House approves drug price-gouging bill by Erin Cox, The Baltimore Sun

Under
the legislation a drug price increase by more than 50 percent would
trigger a report to the attorney general, who would have power to demand
an explanation for the increase.

The
proposed law also allows the state’s top lawyer to ask a judge to
determine whether a drug company implemented an “unconscionable
increase” to a critical prescription medicine. The measure allows a
judge to fine the drug company, as well as order refunds to consumers.

Attorney General Brian E. Frosh sought the new authority.

The
attorney general would be able to take action if the manufacturers of
an off-patent or generic drug make an “unconscionable increase” in price
under a bill that passed the House on a 137-4 vote. An “unconscionable
increase” is defined as an excessive increase not justified by the cost
of producing or distributing the drug. Supporters say Maryland would be
the first state in the nation to make off-patent pharmaceutical
price-gouging something state officials could take action against.

Discussion:

Is resolving this issue of price gouging for prescription drugs something for government versus business to address. You must select one side.

If Government,

  1. Discuss pros
    and cons if addressed at a federal or state government level. Decide
    which government level (federal versus state) is most effective and why;
  2. Discuss what mechanism or actions would be implemented by government;
  3. Discuss expected response from actions taken by government from:
    1. CEOs of Drug Industry
    2. Employees of Drug Companies
    3. Shareholders of Drug Companies
    4. Consumers/Customers
    5. Other government level (if action taken by federal, how would state respond and vice versa).

If Business/Industry,

  1. Discuss impact
    to business in terms of market dominance, competitiveness,
    profitability, and ability to recoup R&D efforts, if the government
    intervenes instead of the company addressing this issue;
  2. Discuss what strategy the business can take to curtail price increases while making a profit and providing a quality product;
  3. Discuss expected response from actions taken by business from:
    1. CEOs of competitor Drug company
    2. Employees of Drug Companies
    3. Shareholders of Drug Companies
    4. Consumers/Customers
    5. Government
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