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Consumers seldom propose the reduction of import restrictions to lower their costs. Why has this occurred...

Consumers seldom propose the reduction of import restrictions to lower their costs. Why has this occurred for pharmaceuticals and not for other products?

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Consumers have proposed reduction in the import restrictions of pharmaceuticals because pharmaceuticals industry in the United States is oligopolistic in nature which leads to high prices of drugs. Also some firms have got patent for their product which leads to very high price of the product in the market. Sometimes ever greening of the patents is another reason of high cost. This imposes a lot of burden on consumers and reduces consumer surplus. Some are unable to purchase the product because of the high prices. Reduction in the import restrictions will help in reduction in the prices and will make it affordable for the consumer to purchase the drugs.

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