Increase competition in drug market
August 4, 2016
Editor: We’ve all read stories about prescription drug prices being jacked up by exorbitant amounts overnight. What’s infuriating is that not only do these price hikes make life-saving medications out of the reach of those that need it the most, but usually the price hikes are done without any rhyme or reason. That’s right – drug companies can just raise the prices for their prescription drugs overnight without any explanation.
We’ve heard politicians on both sides of the aisle express concern about high drug prices, but it’s time for action to be taken so this can no longer happen. Perhaps one solution is to increase competition in the drug market so that drug companies have less incentive to raise the prices of their medications just because they can. The Food and Drug Administration is sitting on a backlog of several thousand generic drugs. Imagine if we could speed up this approval process – life-saving medications could be on pharmacy shelves faster, and if a drug company still raised a price of a medication by 500 percent overnight, patients would have other choices.
It’s a win-win, and I urge North Carolina’s elected officials to see what they can do to increase competition in the pharmaceutical drug industry.
Former Rep. Roger Younts