Big Pharma Essay

Mackenzie Irvin

Frozena

E.R.W.C.

12 March 2023

At What Cost

Introduction

“Big Pharma” refers to the largest and most influential pharmaceutical corporations in the world. These companies invest vast resources in researching, developing, and marketing prescription drugs that treat a wide range of illnesses and medical conditions. While the pharmaceutical industry plays a critical role in improving public health, it is also a controversial and complex field. Some critics argue that the industry's focus on profit may come at the expense of the health of citizens, leading to high drug prices, questionable marketing practices, and limited access to affordable generics. Despite these challenges, Big Pharma remains a powerful force in the global

Yet, the sky-high profits of the pharmaceutical companies have been criticized for causing undue suffering to everyday people, including American citizens. In her article, "Big Pharma and Medical Device Manufacturers," Kristin Compton reports that the global revenue for pharmaceuticals exceeded $1.42 trillion in 2021 (Compton). Such a staggering amount of revenue highlights the extensive impact of the pharmaceutical industry on the world economy. The high cost of prescription drugs can put an immense burden on people, particularly those who rely on these life-saving medications. This only further reinforces the idea that there is a pressing need for policymakers to explore various options to regulate drug prices and improve affordability, such as negotiating prices with drug manufacturers, encouraging generic drug competition, and increasing transparency in drug pricing. The actions of big pharma have forced many people to take drastic measures in order to stay alive. One such measure includes the rationing of insulin, which as mentioned earlier, is the most fundamental treatment option for those who have Type 1 Diabetes. Moreover, many organizations have come forward to highlight the problem created by big pharma's greed. For instance, in February 2022, Annalisa Merelli, an experienced reporter covering

healthcare system to successfully promote and safeguard the well-being of its citizens is establishing trust between the system and its advocates. However, the current healthcare system is not trustworthy nor sustainable for all Americans to depend on. While some distrust of pharmaceutical companies stems from their profit-focused approach and high prices leading to things like the rationing of medication, there are deeper issues that contribute to this lack of trust. As previously discussed, Kristin Compton, in her article "Big Pharma and Medical Device Manufacturers," highlights that the danger posed by these corporations goes beyond just the high cost of drugs. In her comprehensive analysis of the U.S. healthcare system, Compton highlights several reasons why it is currently unsustainable. She also reveals that "only 28% of Americans have a good opinion of Big Pharma" (Compton), emphasizing the widespread lack of trust in the pharmaceutical industry. Although previous discussions have alluded to the unreliable methods employed by pharmaceutical companies, Compton elaborates on how these methods are far from subtle. Big Pharma's methods of conducting research and marketing are just a couple of reasons why the public has become hesitant to place their trust in them. Compton further reveals that “for every $1 spent on “basic research”, big pharma spends $19 on promotions and advertising” (Compton). The disparity between the amount spent on