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Home Publications Blogs Beat the Press NPR Makes the Case Against Patent Monopolies in Prescription Drugs

NPR Makes the Case Against Patent Monopolies in Prescription Drugs

Saturday, 12 January 2013 09:02

Morning Edition had a nice piece on the large and growing black market in prescription drugs as people increasing turn to sellers outside of the United States to buy drugs at prices that are   far lower than the patent protected prices in the United States. As the piece explains, the drugs purchased through these channels are of uneven quality. This is exactly how economic theory predicts people would respond to a government intervention that raises drug prices by many thousand percent above their free market price.

Comments (2)Add Comment
written by Chris Engel, January 12, 2013 11:10
This idea unfortunately would never get any traction in the current political environment.

I can see the "Tea party intellectuals" feasting on their jumbo shrimp screaming about how allowing generic competition with patent-protected products in the medical industry (drug or technology) is "socialist" and "Marxist" and probably in some way involved with terrorism.
written by watermelonpunch, January 13, 2013 5:58
Yep, "uneven quality" is better than nothing at all, when nothing at all is all some people can afford of brand name prescription drugs.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.