Pharmaceutical Self Interest

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William Romann May 2, 2012 PHI 306 Professor Volkman Thesis: Pharmaceutical Self Interest The FDA or Food and Drug Administration is a government agency that is responsible for protecting and approving through regulation, public health by making sure that foods and drugs are safe and effective. Pharmaceutical companies work to develop, produce and market drugs that can be licensed and used as medications to treat patients. Once a pharmaceutical company develops a drug they must submit it to about three years of lab testing before they can apply for FDA approval. When that process is complete the drug can begin to be tested on humans, a process that includes three phases. After the three phases are complete the pharmaceutical company can submit another application for FDA approval that can take as long as two and a half years. Then, if the drug is given FDA approval it is made available to physicians to prescribe. Through this process the FDA dramatically increases the development cost of new drugs. This slow approval process adds mightily to the price while also delaying the drug benefits to patients in need. It is clear that allowing pharmaceutical companies to act in their self-interest with less government regulation and controlled drug approval process the patients would benefit more. As Thomas Paine once said, “Society in every state is a blessing, but government, even in its best state, is but a necessary evil; in its worst state, an intolerable one.” Today in our society there are tons of people wishing and hoping that a new drug will be introduced that will help cure or assist with their diseases. The drug approval process simply takes to long and creates drugs that are completely overpriced to the point of where once they are finally released they can become unaffordable to those in need. It is clear through pharmaceutical consumer
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