The Wrangler

The Curse of Capitalism and Raising Drug Prices

With+the+inflation+of+drug+prices%2C+there+is+no+telling+how+far+high+they+will+reach.%0A
With the inflation of drug prices, there is no telling how far high they will reach.

With the inflation of drug prices, there is no telling how far high they will reach.

GeoMarketing

GeoMarketing

With the inflation of drug prices, there is no telling how far high they will reach.

Stephanie Pocci, Photojournalist

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Entrepreneur, Martin Shkreli, the CEO of Turing Pharmaceuticals was outed to have raised the price of his drug, Daraprim by a whopping 5,000%.  The drug, Daraprim, is used to treat protozoal infections, especially in infants, for over 62 years. However, the medicine now has a limited access ever since the price was bumped from $13.50 to $750 per tablet.  It is important to emphasize that the literal price now is $750 per pill for treatment. According to sources, “a doctor who treats babies with life-threatening toxoplasmosis…said that treatment went from $1,200 to no less than $69,000” (Scientific American).  This has sparked controversy throughout the United States on whether or not there should be regulations on the price of life-saving medicines.

 

Supposedly, Shkreli is assumed to have done this to lie about his company’s finances to “lure investors and prevent trading losses” (Scientific American).  Many companies that are losing business (primarily older drugs) are losing their stability within the medical community. A multitude of pharmaceuticals are creating newer and cheaper alternatives for treatment, causing other/older businesses to suffer.  Using different drugs will cause the value of older used medicines to decrease, causing them to resell and buy their own stock under a different company name to retail them as brand-new, high-priced, “specialty” treatments. Thus, creating a cycle of price inflation for these life-saving treatments and medicines (NY Times).  This is also a cause for no “real” cures being made, since companies do not want to cure the customers who buy their product to keep their loyalty, reliance, and thousands of well-earned dollars.

 

Obviously, this is a complete utter and horrific failure due to capitalism within the medical industry.  Many patients, especially the elderly and children, are going to suffer due to this decision that is purely made just for the profit of these despicable companies.  This has caused some people to propose the idea that the federal government could possibly start having price regulations on medicine production and price on the market due to these companies profiting of people at the expense of their well-being and health.  However, opponents of this regulation argue that this is a violation of constitutional rights and the government should remain laissez-faire. According to fellow student, Maddie Guerrero (11), “If its meant to save lives, then it should be taken control of for the benefit of others” regarding the matter of government regulation of medicine price.

 

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The Curse of Capitalism and Raising Drug Prices