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"Given the current average wholesale price of the med, and the current contract costs of the med, I'd say they did that a long time ago."

Actually, current costs for a single FDA approval are averaging about 250 million USD. I do not know what the cost was in the late 80s. Current and past costs (including OTC FDA processing) would require a significant long-term amortization.

Here is a long study I posted that presents a real conservative solution to the FDA and the government impact on the price of drugs. It is very long, but well worth the read. Everyone wants to blame the drug companies (very liberal) for the cost of medicine and yet few look to the real reasons why costs are so high. This study I believe provides other options.

Making Drugs Safe and Available without the FDA

Tell you what. If I remember, I'll try to bring home the current Average Wholesale Price or AWP for Prilosec tomorrow. If you have any others you'd like to know about, let me know, and I'll track them down. Give me the name and strength, and I'll get it for you.