The article “EpiPen price furor heats up in U.S.” as reported by CBC News illustrates the necessity for governments to regulate drug pricing. In the United States, Mylan Pharmaceuticals, a private enterprise increased the price of EpiPen devices to maximize profits; a strategy common in the marketplace. The new US pricing is unaffordable to many individuals with severe allergies and subsequently will lead to loss of life. The increase in price of the EpiPen 2-pak could decrease consumers’ ability to keep an extra life saving product in their pockets. Society must prioritize life ahead of profits; companies that provide a life saving product for emergencies should not be allowed to uncontrollably bump up prices. “The 400 per cent spike in the price of EpiPen devices” (CBC News) is outrageous and unacceptable. Government intervention is necessary for communities to be protected from avaricious producers. 

Canada was not affected by the 400% increase in price for the EpiPen because of existing regulations. “We feel that everyone should have access to life-saving medication and that cost shouldn’t be a barrier” (Povolo, CBC news). In the US, if life saving drugs are not subject to regulations,  suppliers will be tempted to maximize prices.

This is not an isolated incident. In 2015, Martin Shkreli, founder of Turing Pharmaceuticals purchased the license for Daraprim and thereafter raised its price from $13.50 to $750.00 per pill. Lack of ethical business practices was pervasive in his dealings and he was “arrested by the FBI after a federal investigation involving his former hedge fund and pharmaceutical company he previously headed” (Nate Raymond). Situations similar to Shrkeli’s and Mylan Pharmaceuticals will continue to arise unless regulated. Some like Martin Shkreli may argue that maximizing profits on drugs helps patients in the long run as more profits will further research development. More investors will be attracted to the sector and more effective drugs will potentially be produced. But how many lives will this cost due to unaffordable pharmaceuticals? How can society be sure  these excessive payments will fund research and not instead line pockets of greedy investors? Government regulations protects society, creates barriers and helps to deter investors with questionable business ethics  from entering the pharmaceutical industry.    

 

Sources:

Martin Shkreli, Who Raised Drug Prices from $13.50 to $750, Arrested in Securities Fraud Probe. (n.d.). Retrieved September 12, 2017, from https://www.scientificamerican.com/article/martin-shkreli-who-raised-drug-prices-from-13-50-to-750-arrested-in-securities-fraud-probe/

C.News, C.(2016, August 24). Drug price hikes can damage company reputations: White House on EpiPen furor. Retrieved September 12, 2017, from http://www.cbc.ca/news/health/epipen-price-1.3734214

Japsen, B. (2016, August 25). Doctors Demand Mylan Lower EpiPen Price For Everybody. Retrieved September 12, 2017, from https://www.forbes.com/sites/brucejapsen/2016/08/25/pressure-mounts-on-mylan-from-doctors-to-lower-epipen-price/#3266baa23b1a

 

 

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