Ethics of the Legal Drug Trade

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   As we continue to develop as a world, new and improved drugs continue to come out.  Many of these drugs are vital for some people to lead a normal life.  One of these drugs is the EpiPen.  An EpiPen is a brand name for an epinephrine auto-injector device used to manage potentially life-threatening anaphylactic reactions to allergens.  Essentially if you are having a life-threatening allergic reaction, it will save your life.  The problem is that the company Mylan which makes it, like many others, takes unfair advantage of the fact you as the consumer need this product.  They use their monopoly status to keep prices high, to increase their profits.

   My argument is that what drug companies are doing is wrong.  According to Daniel Kozarich, a senior pricing consultant for Vendavo, in the article, "Mylan’s EpiPen Pricing Crossed Ethical Boundaries," the price of an EpiPen has gone from $100 for a two-pack in 2009 to $608 today. Usually, companies would be applauded for the ability to create revenue through such pricing power. But when it comes to life-saving drugs, consumers interpret these significant increases as the producer profiteering off a person’s life or death need.  To combat this we need to first address the problem head on, and negotiate to keep prices lower.  Next, I believe that government should provide incentive like subsidies for producing newer and better drugs.  In doing so, companies will be more likely to increase drug production and will have more breakthroughs in the field of pharmaceuticals.  Also, prices for drugs like the EpiPen which so many people need will be kept low and affordable.

   I think that this shows that even in markets that have little pricing regulation and transparency, pricing moves must be carefully considered and communicated in a way that demonstrates ethical behavior.  If not given incentive to do so, companies have little stopping them from making prices however high they want to make money.

Future Research Questions:

Can drug companies have alter motives to keep prices high other than to make a profit?

Should drug companies be more regulated to keep them ethical?

Should drug companies be less regulated to foster growth in drug breakthroughs?