For this Discussion Board, please complete the following:
One of the reasons for the rising cost of healthcare in the United States is the cost of prescription drugs. It is a complex problem and poses many ethical dilemmas for which solutions have yet to be implemented. Pharmaceutical companies set the prices for drugs and negotiate the actual payments with insurers. Insurers do not always cover the full cost of the drugs, leaving even insured patients to pay out-of-pocket for their prescription drugs. Pharmaceutical companies spend a lot of money on developing new medications to help people. The price of the medication must cover the upfront costs of drug discovery, development and testing, and manufacturing. It must also include the cost of the clinical trials required for approval by the Food and Drug Administration (FDA) before the medication can be sold.
Read the following 3 articles about the high cost of drugs and how the pharmaceutical industry sets prices:
After reading the articles, answer the following questions:
In most countries, the government does not regulate drug pricing even during the approval process. Due to this, ethical issues have emerged about the pricing of prescription drugs. Most of these companies, despite the moral obligation, often favor profit over prioritizing fair access to medication. Experts working in such fields must understand their moral obligations because the industry has a lousy image until it is significantly reformed. These organizations might spend billions in research and development but it still does not warranty the pricing.