|
|
 |
|
The views expressed on this page are soley
those of the author and do not
necessarily represent the views of County
News Online
|
 |
State Representative Buchy
The EpiPen: How
Big Government Hurts the Drug Market
In recent weeks, much concern has been raised about the EpiPen, an
epinephrine auto injector produced by the pharmaceutical company,
Mylan. Epinephrine is an inexpensive means of counteracting potentially
life-threatening allergic reactions. If administered quickly,
epinephrine saves lives. However, despite the low cost of epinephrine,
the EpiPen has skyrocketed in price, exceeding $300 per pen. This
financial burden is unacceptable and completely avoidable when
considering the cost of production and the lives that could be saved.
In all this confusion, many are blaming capitalism, and are frustrated
with the government for not doing enough to regulate the price of these
pharmaceuticals. Yet, the problem could not be further from this claim.
It is burdensome government regulation that has led us to this point,
not capitalism itself.
Mylan currently holds a patent on the EpiPen, protecting it from
competitors or generics entering the market with similar designs. In
addition, the Food and Drug Administration forces competitors to jump
through a number of hoops before taking their product to market. The
process for getting a pharmaceutical product approved by the FDA can
take years, and the guidelines for submitting applications to do so are
too vague. This is not even including the backlog of over 4,000 generic
drug applications awaiting FDA approval, placing an even larger hurdle
in the way of alternatives.
This regulatory burden has ultimately created a de facto monopoly for
Mylan, which allows them to raise prices to unbearable levels,
restricting access to the EpiPen for low-income individuals. The enemy
here is crony capitalism and monopolization, not the free market. In
fact, the free market is the solution. By allowing new generics to
compete, many of which have already been approved in other countries,
prices can return to reasonable levels by way of the forces of the
market.
Recently, there has been talk of a ballot issue coming to Ohio next
year that would seek to implement price controls on prescription drugs
purchased through the State of Ohio. However, we must understand and
remember that these price controls do not truly address the problem,
and can lead to unintended economic consequences. It is unacceptable
that lifesaving drugs have been made so unaffordable. We, as Ohioans,
must place blame where it is due and stop allowing big government to
protect monopolies in the drug market.
Please give me your opinion on this topic and other issues in the news
by completing a brief online survey at tinyurl.com/buchyoctober2016
|
|
|
|
