There is another thing that government could do to reduce the costs of R&D and bringing a drug to market in the USA. They could update the regulatory process and outsource the validation and certifications of the process from development through testing and trials.
I’ve worked in the big Pharma industry. The regulatory restrictions and requirements are extremely expensive. If there are animals (test subjects) involved, It gets extremely complicated and armies of administrators and VERY expensive facilities are required.
Then folks need to know, that there are lots of lines of cures being researched and it takes several years before they know whether something will be successful. Imagine spending tens of millions of dollars on 6 potential medicines. After 8 to 12 years, one of those proves successful, passes trials and is approved for sale. The other 5 don’t work. They have a patent for what, a few years?
Their drug prices reflect what they are trying to both recoup in R&D to bring the drug to market, the other failed R&D, investment in the future and some profit. The government regulations combined with price controls limits their ability to cover the inflated costs in the sales of their inventions and products.
It is certainly maddening what drugs can cost. But I learned that the general public really does not understand the complicated business that is Pharmaceutical development and production.
The legal environment is very costly for Pharma.
Every slip and fall lawyer is chomping at the bit to sue.
Exactly so.