Crystal Foretia
Sep 4, 2017

Drug Prices: U.S. vs U.K.

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With America's opiate crisis and its inability to negotiate drug costs with pharmaceutical companies, we could learn a thing or two from our former parent country. According to Bloomberg, the United Kingdom has significantly lower drug prices due to the National Health Service (British equivalent of Medicare) using its bargaining power against big pharma. Britain also determines the cost-effectiveness of drugs through the National Institute for Health and Care Excellence (NICE), which is similar to FDA. Once NICE approves a drug, the Department of Health regulates its price for at least five years. However, big pharma is now taking judicial action against the British government. What are your thoughts on Britain's system?

Source:

https://www.bloomberg.com/news/articles/2017-09-04/why-drugs-cost-less-in-the-u-k-than-in-the-u-s-quicktake-q-a

 

 

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