Health security

Drug prices should benefit patients, not industry

When hedge fund trader Martin Shkreli purchased a pharmaceutical company and raised the price of an HIV medication that treats potentially fatal infections from $13.50 to $750 per pill, he threatened the well-being of all Americans. The 5,000 percent price increase fuels the fire of industry critics who seek to impose drug price controls, which would stifle the development of  new treatments and cures for serious medical conditions.

...Shkreli’s price gouging is unacceptable, and existing state and federal consumer protection laws should be enforced to put an end to it. Otherwise, instead of imposing more restrictions on the industry that is reinvesting profits to make American lives healthier and more productive, reforms should address the insurance industry’s pocketing of profits at the expense of patients. States have made great strides in passing legislation to improve fairness in consumer co-pays and cost-sharing, prevent discriminatory fail first polices, and require transparency of insurance plans. A federal version of these bills is a solution that Americans deserve.