What Can and Should be Done about Prescription Drug Prices?

For decades the price of healthcare has been a major issue, and one of the most controversial culprits in the rising cost of healthcare has been, and still is the cost of prescription drugs. Even though the cost of prescription drugs is one of the main reasons for the high cost of healthcare in America, beyond the frequent complaining about whether or not our elected officials can pass healthcare legislation or not, there is a lack of informative media coverage about the specific issue of prescription drug pricing. Recently I came across an article compiled by the editorial board at bloomberg.com titled, "Take the Mystery Out of Drug Pricing."  The article does a good job of pointed out current legislation at state and federal levels addressing the cost of prescription drugs. Legislation aims to require pricing transparency from drug companies. The article goes a step further and questions what would be accomplished by understanding when and why drug companies are raising prices on their prescriptions. What is the point of transparency? Will this lead to price regulation? Is this the best way to curb the cost of prescription drugs? The writers of this article close by suggesting that perhaps "the transparency that’s most needed in the U.S. involves how well individual drugs work in comparison with other treatments. The U.S. should support comparative studies, as several other countries do, to get a clearer picture of each medicine’s cost-effectiveness. This information could guide all efforts by government -- and by doctors and hospitals, as well -- to lower spending on prescription drugs."

Informative, insightful articles like this help readers understand this aspect of healthcare. There is power in understanding what ideas are being thrown around in the debate of how best to curb the cost of prescription drugs. Media can empower the public with sound information that enables the public who vote to confidently contribute to the political and public policy process.