Issues Magazine

Articles about pharmaceuticals

It’s Time Big Pharma Took Its Medicine

By Philip Soos

Philip Soos proposes a new system whereby the government directly finances research and development, and all drugs are produced as generics at market-competitive prices.

Over the past couple of decades, the pharmaceutical industry has come under attack for its perceived shortcomings amid claims that its greedy, profiteering nature has caused significant harm.

However, these problems stem not from the profit motive, but rather because in 21st-century, technologically advanced Australia, pharmaceutical research and development (R&D) is financed by means of 15th-century medieval government monopoly: patents.

Reproduced from The Conversation (theconversation.edu.au).