The Influence of Big Pharma in Shaping US Healthcare

The healthcare of the United States has a complex landscape, and in that, the most influential stakeholders are the pharmaceutical companies. These big influences in the market are referred to as “Big Pharma.”

These companies are the ones who are involved in medical research, and through their advanced work, they tend to influence policies on US healthcare and also bring guidelines around the prices of the drugs.

For example, these companies are the pioneers of modern medicines and the use of the latest technologies. RFID hospital asset tracking and also other medicine manufacturing technologies are all being used for advancement in the medical space.

However, some questionable practices are performed by these big pharma who keep a close eye on the policies around healthcare to determine the overall cost of the healthcare options available for the people of the United States.

In this blog, we will look into some of the common aspects that will show how the “Big Pharma” plays an important role in the healthcare system.

Contribution of Big Pharma in US Healthcare

There are several ways through which Big Pharma has benefitted the overall healthcare industry, and through that it allows the healthcare division to grow and become scientific.

1.  Modern Innovation in Drug Research and Development

Large pharmaceutical organizations such as Big Pharma lead worldwide efforts to discover treatments for cancer alongside heart conditions while also combating HIV alongside neurological conditions. Through their research and development activities, these pharmaceutical companies extended human life expectancy and improved patient well-being as well as successfully eliminated smallpox.

2.  New Treatment Procedure During Public Health Crisis

The pharmaceutical industry shows fast response capabilities to global health emergencies through its development of COVID-19 vaccines. Through the joint efforts of pharmaceutical companies and government agencies, multiple lifesaving vaccines were quickly created and delivered to the public during worldwide health emergencies.

Challenges Posed by Big Pharma’s Influence

Big Pharma introduces several challenges and that has made healthcare expensive for many individuals. Hospitals in the low-income neighboring areas lack the basic infrastructure. The RFID inventory management that can be used to keep track of vital medicine is lacking along with the important medicies for the patients due to the cost factor.

1.  High Prices of Drugs

Big Pharma’s dominance causes the main difficulty of extremely expensive prescription drugs in the United States. The United States healthcare system differs from other nations, which impose drug price controls because it gives pharmaceutical companies extensive freedom to determine their prices. The power granted to pharmaceutical companies to set medication prices excessively has resulted in rates that most Americans find difficult to afford.

2.  Policy Influences Through Lobbying

The pharmaceutical sector maintains extraordinary influence within America’s national capital. The drug industry dedicates its substantial funds to lobbying activities dedicated toward shaping healthcare legislation that benefits pharmaceutical firms. The organization works to stop Medicare from settling drug prices because price negotiations would deliver lower medication costs to millions of older adults.

These are some of the areas where we witness how Big Pharmas made an overall impact in shaping the market and the industry of medicine in the United States.