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1) We badly need to re-vamp the FDA approval process for drugs. There is no reason for it to cost $2.5 billion. br> 2) Most of those drugs are mere treatments that hardly do anything. When was the last pharma that came out that actually CURED something. I'm perfectly fine with longer patents for cures but things that barely extend life expectancy or help with one thing but simultaneously harm others are not very good (but what we're mostly getting)
Do you realize life expectancy has barely budged in 40 years despite all this massive investment and all of that is lower accidental death (mostly auto)? 40 years ago though, healthcare as a % of GDP was around 5-6% and today its nearly 20%. In other words, we aren't getting anything for all this investment

3) The US cannot shoulder the cost of pharma's profit entirely. Right now the USA is 90% to 110% of Pharma's entire profits depending on which source you believe. By allowing importation of drugs, pharma will be forced to deal with other governments. As long as they can just charge ridiculous prices to US consumer, they have little incentive to rock the boat overseas.

By allowing importation of drugs, pharma will be forced to deal with other governments.

I’m almost with you on this point. Since it’s the same human body if a drug is already working overseas then let the company that owns the patent sell it here. With billions at stake you can bet big pharmaceutical would fight a simple change like this tooth and nail. Big business is often the enemy of free enterprise. I’m not surprised at the lack of real progress given the incredible costs incurred for getting official approval . By the way this is why I think Obamacare is clinging to life . With Uncle Sam footing the bill medical companies can charge gigantic amounts with our collective deep pocket paying. Our Senators did not get rich by their good looks!