Myth: Drug companies are ripping their customers off and harming victims of diseases by charging inordinately high amounts for their products. Government should control the prices of drugs, or medicine should be produced by the government.
Truth: Nothing in the Constitution gives the government the ability to regulate the price of a product. The only way to develop new drugs is to invest heavily in research and development of drugs. U.S. drug makers spend over $30 billion a year so they can make new and better drugs to combat diseases (a drug company typically spends $802 million over 10-15 years for each new prescription medicine). Profits from drugs are frequently high, but not all across the board, and a profitable business environment encourages more research and development to find new ways to improve patients’ lives. Lowering profits will simply lower research for new drugs, not helping patients but hurting them. Unless someone pays for the development of drugs, no one will develop them. Price controls on drugs in other countries are resulting in decreased access to new medicine, causing patients unnecessary pain and premature death.
