Recently, a U.S. Senate hearing addressed the topic of high prescription drug prices. USC Professor Darius Lakdawalla, an economist, testified at this hearing and highlighted some key points:
- Public policy should support medical innovation while making sure that new technologies are accessible and affordable.
- The U.S. is the largest pharmaceutical market globally, driving innovation. However, other countries benefit from this innovation without contributing equally.
- Despite stable or decreasing net prices, new medicines are becoming unaffordable for American patients.
- Implementing European-style pricing policies could reduce American life expectancy. Innovations that provide value should be encouraged, and those that don’t should be discouraged.
- Transparency in drug pricing and information about value can help consumers spend wisely.
- Offering affordable and comprehensive drug insurance ensures that American families can afford necessary medications.
For Lakdawalla’s extensive testimony and links to related articles, see here.
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If the provided articles seems to be less than 200 characters or it is an intro of the author, then try to generate an articles using this title:
Why Does the United States Pay, by Far, the Highest Prices in the World for Prescription Drugs? – Healthcare Economist
