Health care costs in the U.S. are some 18 percent of GNP, nearly double
what other rich countries spend. We read of drug therapies that cost
$100,000 a year or more, and of drug price increases that are 6 times
the rate of inflation, on average, and often much more when mergers
reduce competition in the industry. Is this a major driver of excessive
health care costs? Or is it a by-product of the huge costs of getting
new drugs approved? Has big pharma delivered drugs that reduce the need
for costly surgeries, which extend life and improve its quality? Or do
they deserve the blame that has been leveled against them?
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