3 ms·
Why isn't that information from other countries, which does publish it, enough to alter prices here?
by matt_wulfeck 9y ago
Why isn't that information from other countries, which does publish it, enough to alter prices here?
- smallnamespace 9y agoThere is a burgeoning medical tourism industry (e.g. fly to India to do your surgery for a fraction of the price), but since the cost of airfare, lodging, food, etc. is at least a few thousand, there's competition with other countries only for well-understood procedures with large out-of-pocket expense. Otherwise, how is the information relevant? Let's say you know that some medicine in the US is $1000 per month , but only $20 per month in India. Well, if a patient is insured, then they don't care about the cost. If that drug is medically necessary, then the insurer has to pay for it even if they're getting gouged by the manufacturer. We're getting the worst of both worlds in a way -- regulations to protect patients make it very difficult for insurers to negotiate on price, but then we also don't generally allow the government to step in and force lower drug prices directly. So in the pharmaceutical market, the US just pays higher prices than everyone else days; American consumers basically subsidize drug research for the rest of the world, including other developed countries.