Drug prices continue to rise at the same time the need for medicine continues to grow. What makes the problem more precarious is that without the profit incentive drug companies won’t invest millions of dollars in finding cures that can truly make a difference or even safe life’s. Therefore an all the above approach must be utilized. Here are the steps that should be taken.
(1) A drug company can extend the federal patent on medicine up to a decade longer if it is willing to work on a smaller margin on the profit of such drugs.
(2) Natural Cures will also have the ability to receive an FDA review to compete with said drugs in the marketplace.
(3) The FDA procedure for approving drugs will be streamlined so that the cost to bring them to market will be reduced. People will be able to utilize experimental medicine (once the sign a waiver) at a reduce cost as well.
(4) Lawsuits against manufacturers of such medicine will be capped as it relates to punitive damages.
(5) Make it easier to receive a drug patent and allow miniscule differences to be patent-able. Therefore allowing greater competition in the marketplace.