Class
Article
College
College of Engineering
Department
English Department
Faculty Mentor
Cree Taylor
Presentation Type
Poster Presentation
Abstract
The rapidly increasing cost of drugs is an ever-growing problem for Americans. As time goes on, fewer and fewer people are able to purchase the medications they are prescribed. This research analyzes the benefits for price controls on the United States pharmaceutical industry and aims to investigate the most practical, efficient methods of implementing price controls. Online research was conducted to find primary and secondary sources detailing the impacts of high drug prices in the United States, comparing the healthcare policies in the United States with policies in other countries, and exploring potential solutions. As a result of this research, I concluded that to provide a greater number of Americans access to medical care, the United States government should place price controls on the pharmaceutical industry. I found that one particularly effective method of implementing price controls on the pharmaceutical industry would be limiting the profit margin pharmaceutical companies can make selling the drugs after the costs of research and development. Further research is needed to determine how large optimal profit margins would be.
Location
Logan, UT
Start Date
4-6-2022 12:00 AM
Included in
Price Controls on the Pharmaceutical Industry
Logan, UT
The rapidly increasing cost of drugs is an ever-growing problem for Americans. As time goes on, fewer and fewer people are able to purchase the medications they are prescribed. This research analyzes the benefits for price controls on the United States pharmaceutical industry and aims to investigate the most practical, efficient methods of implementing price controls. Online research was conducted to find primary and secondary sources detailing the impacts of high drug prices in the United States, comparing the healthcare policies in the United States with policies in other countries, and exploring potential solutions. As a result of this research, I concluded that to provide a greater number of Americans access to medical care, the United States government should place price controls on the pharmaceutical industry. I found that one particularly effective method of implementing price controls on the pharmaceutical industry would be limiting the profit margin pharmaceutical companies can make selling the drugs after the costs of research and development. Further research is needed to determine how large optimal profit margins would be.