“Big Pharma” Do Not Have the Best Interests of People at Heart
Abstract
<h2>Cover Page</h2> <p>Student Name</p> <p>Instructor's Name</p> <p>Course</p> <p>Date</p> <h2>Critical Examination of Profit Motives in the Pharmaceutical Industry</h2> <p>Big Pharma refers to the most prominent publicly traded pharmaceutical corporations. These businesses generate billions of dollars in revenue through the production of prescription medications and gadgets. Typically, pharmaceutical firms are bigger than businesses that only manufacture medical devices. In addition, drug corporations typically earn more money (Compton, par 8). Big Pharma is motivated by making profits more than they are concerned about people’s lives. The pharmaceutical sector that forms Big Pharma is still at odds with the public's health over competing interests since it struggles between private and public interests. The majority of research has shown that big pharma continues to put profits ahead of the security of its customers. These large pharmaceutical companies have frequently introduced harmful medications and other pharmaceutical products to the markets without considering their effects on people's health. Their primary goal for releasing these harmful products is to boost their earnings. Big Pharma is also facing several legal actions for disregarding public safety. Such court cases involving Big Pharma raise many concerns and call for close examination of their business practices. Therefore, it is apparent that Big Pharma does not always have people's best interests at heart.</p> <h2>Economic Inequality and Drug Pricing Disparities in Healthcare Systems</h2> <p>In the United States, a single vial of insulin runs for $300, whereas prices in Canada range from $30 to $40 (Meller & Ahmed, 2020). The pricing disparity of ten times is just one sign of a larger issue with capitalism invading the healthcare industry through dominant pharmaceutical firms. The United States has the highest prescription drug costs than any developed nation. These higher costs are frequently attributed to the strength and influence of large pharmaceutical firms, which have empires on essential life-sustaining medications, avoid paying taxes, and influence the political class through lobbying and gifts. The ultimate victims of this entire network of influence are ordinary people in search of quality health daily. Over the past ten years, pharmaceutical corporations in America have been under brutal criticism for what activists and other parties involved refer to as excessive and extortionate medicine costs. They blame Big Pharma for the excessive rise in medicine prices, despite the fact that participants in the pharmaceutical sector have received billions of dollars for life-saving pharmaceutical research, production, and commercialization (Spence, 2017). The National Institute of Health is said to have invested over $900 billion in research since the 1930s, which is enough to support the pharmaceutical and biotechnology industries today (Meller & Ahmed, 2020). Similarly, the government offers significant tax benefits, including tax breaks, to pharmaceutical businesses.</p> <h2>Tax Policies, Government Support, and Public Health Implications</h2> <p>In contrast to the 21% national tax average, the tax rates for some of the largest pharmaceutical corporations in the US range between 8% and 14% (Meller & Ahmed, 2020). By prohibiting the federal and state governments from obtaining millions of dollars in taxes which could be used to finance healthcare, the largest pharmaceutical firms in the country jeopardize the health of the public. Failure to comply with tax deductions to benefit patient healthcare is a clear indication that Big Pharma does not have the interests of people at heart, and they are after making profits at the expense of public health. In defending themselves, Big Pharma cites their main mission of enhancing the healthcare sector through the long-term advancement of pharmaceuticals for a range of healthcare concerns as justification for these substantial tax breaks and government financing (Spence, 2017). They highlight their role in the discovery of medications and vaccines for conditions such as malaria, tuberculosis, and polio that once endangered the lives of thousands of individuals worldwide but are now treatable owing to their studies and development.</p> <h2>Evaluation of Industry Justifications versus Public Welfare Outcomes</h2> <p>Furthermore, they contend that by supporting research teams for years at a time, they are in charge of creating hundreds of pharmaceuticals and health treatments at once. It is projected that the whole expense of providing a prescription medicine or life-saving vaccine and availing them to hospitals costs billions of dollars. They also point to the relatively greater cost of supply chain management, including particular storage and transportation for dangerous chemicals, pharmaceuticals, and easily degradable substances (Spence, 2017). Although these explanations are sufficient to justify the necessity for government help, they are insufficient to explain why US medication prices are far higher than those in other industrialized nations that enjoy comparable levels of governmental support but maintain low drug prices. The American population continues to incur higher costs for prescription medications despite the fact that Big Pharma has the means to keep drug costs low, economical, or perhaps free, similar to other industrialized nations. Despite having what it takes to make care easily accessible and affordable to individuals, Big Pharma shows no concern and continues to profit themselves because they do not have the interests of people at heart.</p>