MHAFP5032 Policy and Pharmaceutical Regulation Presentation Introduction

MHAFP5032 Policy and Pharmaceutical Regulation Presentation Introduction

MHAFP5032 Policy and Pharmaceutical Regulation Presentation Introduction

A special acknowledgement the committee chairperson who happens to be the president and founder of Patients for Affordable Drugs, I also acknowledge the members of the committee who are boards members of the organization. This testimony has been prepared by the director of Patients for Affordable Drugs.

MHAFP5032 Policy and Pharmaceutical Regulation Presentation Background

Processes followed by pharmaceutical companies in the US are not made known to the public, and the patients have been at a disadvantage owing to the skyrocketed prices. The current pricing policy I place makes an allowance for the manufactures as there are no strict regulations that dictate the way pricing decisions are made.

In addition, brand-named products are facing no significant competition in the market, owing to the stringent approval policies of generic drugs. As of now, the FDA has in place a rigorous metric array which gauges the standards and market-worthiness of any generic drugs.

Moreover, the approval process takes time that is if a generic drug will be accepted by the FDA. All these factors bars competition in the market hence the continuous increase of drug prices in the country. The desired health policy change is centered on loosening the strictness of the FDA in terms of the generic drugs approval process.

Realizing this change will mean that new generic drugs will be easily approved, though complying with all required standards. Competition in the market will be stirred as patients will have alternatives to highly priced brand-name drugs. In response, pharmaceutical companies will be forced to standardize their drugs prices to remain competitive in the market.

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