Health care costs in the U.S. are some 18 percent of GNP, nearly double what other rich countries spend. We read of drug therapies that cost $100,000 a year or more, and of drug price increases that are 6 times the rate of inflation, on average, and often much more when mergers reduce competition in the industry. Is this a major driver of excessive health care costs? Or is it a by-product of the huge costs of getting new drugs approved? Has big pharma delivered drugs that reduce the need for costly surgeries, which extend life and improve its quality? Or do they deserve the blame that has been leveled against them?
This debate is presented In Partnership with the Adam Smith Society, a project of the Manhattan Institute. The Adam Smith Society is a nationwide, chapter-based association of MBA students and business leaders who work to promote on campus debate and discussion about the moral, social, and economic benefits of capitalism.
IQ2US health care debates are also generously supported by Thomas Campbell Jackson.