Nearly 70 percent of Americans take prescribed medication daily, a recent Mayo Clinic study found. If this isn’t already bad enough, the pharmaceutical industry has such a vice-like grip on consumers such that nearly one in four Americans can’t afford to fill out their prescriptions. Drug pricing is a growing problem and warrants a closer look and possible solutions. We explore some of these below.

1. Drug Pricing

A majority of European countries have policies that allow governments (or relevant state agencies) to negotiate prices for every drug in the market. In the United States, however, relevant agencies such as the Centers for Medicare & Medicaid Services are prohibited by law from negotiating drug prices. Instead, the U.S. allows pharmaceuticals to set their own prices. Continue reading →