The American College of Physicians has published a paper asking for government and industry regulation of prescription medication costs.
The ACP includes more than 140,000 internal medicine doctors. Its paper, published in the Annals of Internal medicine, asks pharmaceutical companies to disclose production and research costs, as well as recommendations that Medicare negotiate prices with drugmakers. The paper argues that transparency on how drugs are priced, especially those with research and development funded by the government, should be regulated. According to NPR, the ACP plans to bring its recommendations to Washington in May.
Opponents of the position paper argue that these recommendations would stifle competition and innovation among drug companies.
What do you think of government regulated prescription drug prices? Does this protect consumers or will it have a negative effect on competition between pharmaceutical companies?
Dr. Wayne Riley, president of the American College of Physicians, which published the position paper, “Stemming the Escalating Cost of Prescription Drugs.”
Yevgeniy Feyman, fellow at the Manhattan Institute and co-author of the paper, “Issues 2016: Drug Price Controls Hurt Patients Most.”