The cost of healthcare is sky-high partly due to marketplace inefficiencies needless caused by such government regulations as the Affordable Care Act. Generally, one cannot fix a problem by doing more of what caused the problem in the first place. Government regulations needlessly create very high administrative costs.

The high cost of pharmaceuticals can be reduced while keeping drug companies profitable. My plan includes a reduction in the duration of patent protection to pass savings on to consumers. Increase competition to reduce cost by allowing the American consumers to purchase medicines from any nation in the world. Maintain drug company profits by reducing needless costs of drug development: Phase 1 and 2 clinical trials must be retained to assure public safety. However, testing for efficacy in Phase 3 and Phase 4 clinical trials should be removed from the jurisdiction of the Food and Drug Administration. Literally, our family members often die from terminal illnesses while patients wait on the FDA. Instead, phase 3 and 4 clinical testing would be managed by insurance company-driven testing laboratories. Typically, private companies tend to be more market-driven and would strive to increase efficiency, thereby decreasing the amount of time it takes for drugs to enter the market.

Leave a Reply

Your email address will not be published. Required fields are marked *