Drug Debate

Nobel Prize winning economist Milton Friedman argued that businesses have one social responsibility—to maximize profits.  This comprises the “free market” philosophy which supports allowing a price to reach however high the market will tolerate .  Although this may be considered good business practice is some instances, it fails to recognize the social impact such decisions have on society.  Companies are thus faced with recognizing these social impacts and acting accordingly, or they can ignore them until the people of the community begin to get angry and complain.  Allowing the free market to set prescription drug prices causes prices to reach an offensively high amount, so high that many people here in the United States cannot afford them.  The elderly and chronically ill are the most affected in this situation.  Elderly people often have to buy their prescriptions on their own because Medicaid will not cover it .  According to a survey taken in 2003, one-fourth of senior citizens in the United States have been forced to quit taking much needed prescription medications due exclusively to the inability to afford them .  These high prices are a result of the United States’ method of free-market sales of prescription drugs.  This is a very controversial topic, currently, and it is giving many American citizens a negative attitude towards the many pharmaceutical companies in this country.  Recent Harris polls confirm that the pharmaceutical industry comprises the bottom of the rankings alongside the oil, managed care and tobacco companies in relation to positive public attitude… “No other industry has fallen as hard and as fast as has the drug industry in the poll since 1997, i.e. 35% in 6 years. Just 13% of the poll resp ...
Word (s) : 2801
Pages (s) : 12
View (s) : 630
Rank : 0
   
Report this paper
Please login to view the full paper