Cheaper Drugs, Better Business

Editor’s Note: This week we will highlight 5 takes on how we can reduce drug prices while preserving robust research and development, from the fall issue of Hopkins Bloomberg Public Health Magazine. Read the complete set here.

The public needs medical innovation, and research and development is very expensive. The problem with high drug prices is access. People simply cannot afford $10,000 or more for some specialty drugs, and the drug companies have priced the drugs knowing that less than 20% of the population will be able to afford them. Lowering the prices to allow everyone access would provide coverage and sufficient revenue to the drug companies. Lower prices with greater [sales] volume would get the same total revenue.—Gerard Anderson, PhD, is a Health Policy and Management professor at the Bloomberg School.

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