Question

Should big pharmaceutical companies be allowed to set their own pricing structure or should medicine prices be set and controlled by the government? Fully support your answer to why you say that.

Answer 1

REGULATE PRICES OF DRUGS

Prices of drugs must be regulated by the govt. The provision of autonomy to pharma companies in fixing prices of drugs must be offended for the following reasons;

I. A centralized price regulation will help to maintain the prices of life saving medicines at an affordable rate to the common man

II. The cost of producing drugs must be ascertained before fixing the price. Pharma company's may charge very high rates, which is in no way connected with the cost of production- if allowed to fix the rates by themselves.

III. Price regulation will help to make medical treatement possible even for the poor; otherwise only rich can afford the expense of med. treament.

IV. Price deregulation may result in complete anarchy in the health care sysyem of the country.

V. Price control can put a check on unhealthy and unethical practices of pharma companies.