Everyone is aware of the outrageous drug prices that we have in this country. All the other countries have some form of price controls on drugs. That’s why desperate low income people, particularly seniors, cross the Canadian border and order from Canadian Pharmacies. We all pay for these drugs indirectly through insurance premiums and taxes.
The big drug companies claim that they have to recapture high development costs for successful and unsuccessful drugs so the prices must be high.
The fact is they spend more money on advertising than research. Many of the drugs they market were developed by government grants (taxpayers). They only tested these drugs. For this they get outrageous prices for close to 20 years. This includes the original “patent” monopoly and the shenanigans they pull to extend them.
After extensions of their monopolies expire, they try to market slightly different versions of the same drug that may not even be better. From there, they advertise the original name brand drug against the generic. If they have a slightly different drug, they will advertise that as some kind of improvement. Only the U.S. and New Zealand allow drug companies to advertise.
Books have been written on all the legal and illegal things the big drug companies known as Big Pharma do to extent their profits while gouging the American people. More on this in future blogs.
Below is a story of the kind of things Big Pharma does to extend patent monopolies by William Faloon in his column entitled, “Collapsing within itself”, in the August edition of Life Extension Magazine. Bill Faloon and Life Extension have fought for decades against the tactics of the drug companies and the behavior of the FDA. Click it to make larger.
This is a small example of why our healthcare costs are twice what Canada, Western Europe, and Japan spend per person and they cover everyone.
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