Summary America’s plan to cut drug prices comes with unpleasant side-effects www.economist.com
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America is aiming to lower drug prices due to the disproportionately high costs that American patients face compared to other affluent nations.
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Key Points
- America is the world's largest pharmaceutical market, accounting for 42% of global sales.
- Prescription medicines in America cost two to three times more on average than in other wealthy countries.
- American patients have among the highest out-of-pocket expenses for prescription drugs.
- Patients for Affordable Drugs is a consumer lobbying group advocating for lower drug prices.
- The plan to cut drug prices in America is already changing how pharmaceutical companies make drugs.
Summaries
26 word summary
America's plan to cut drug prices is prompted by the fact that American patients pay significantly higher prices for prescription drugs compared to other wealthy countries.
40 word summary
America is the largest pharmaceutical market in the world, accounting for 42% of global sales and 65% of global profits. However, American patients pay significantly higher prices for prescription drugs compared to other wealthy countries. The out-of-pocket expenses for American
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Americas plan to cut drug prices comes with unpleasant
side-effects
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A bitter pill
Americas plan to cut drug prices comes
with unpleasant side-effects
It is
already changing how pharma companies make
drugs
Aug 29th 2023
Share
merica is the
piggy-bank of
the pharma world, gripes David Mitchell of Patients for Affordable
Drugs, a consumer lobbying group. There is some truth to this. America
is the worlds largest pharmaceutical market, with $630bn in sales in
2022, or 42% of the worldwide total. Its contribution to profits65% of
the global haulis greater still. American patients have long borne the
burden of these juicy returns. Prescription medicines in America cost
two to three times more on average than in other wealthy countries (see
chart). Patients out-of-pocket expenses, the slice of drug costs not
covered by insurance, are also among the highest in the
world.
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