The Rising Cost of Prescription Drugs

Paper Summary:

In recent years the high costs of prescription drugs have generated a great deal of controversy. From the individual who is hit hard by rising drug costs, to insurance companies, federal politicians and large drug companies, almost every player in the controversy has an opinion on why prescription drugs cost so much money. This essay summarizes the reasons prescription drugs have risen in cost from several different points of view. First, a thorough discussion of the state of prescription drug costs is presented. Second, the drug companies' position on why prescription drugs cost so much money is given. Third, criticisms of the drug companies, and advocacy for decreasing the cost of prescription drugs are presented. Finally, a thorough conclusion contrasts the drug companies' position with criticisms and advocacy plans for decreasing prescription drug costs.

From the Paper:

"The cost of prescription drugs has been increasing steadily over the past decade, and now has reached staggering amounts. In fact, prescription drug costs are currently the fastest growing expense in healthcare. For managed care companies, prescription drug costs are rising from between 16 to 22 percent each year. Further, the total cost of prescription drugs topped over $83 billion in 1997, marking an astronomical increase over the 1992 figure of $49 billion (BlueShield of Oregon, 1999). The cost of brand name drugs has been the primary contributor to this increase (Turkel)."

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