Socialize the Drug Companies

In “The Truth About the Drug Companies,” Marcia Angell writes about how pharmaceutical companies are deceitful because they are more concerned with making the biggest profits then improving American’s health. She goes through a variety of ways in which these companies seek to make the most money. For example, they produce “me-too,” drugs that they charge more for, even though they are not more effective. They bribe doctors into using their products. They distort research to make it seem that a drug is more effective then it actually is. Their prices are unreasonably high, and people who desperately need a certain drug are often unable to afford it. In short, these companies are atrocious and Angell does a great job at explaining this. However, the reforms she suggests, while helpful, would not solve the main problem, which is that pharmaceutical companies are a privatized institution.

In the final chapter of her book, Angell goes through a variety of reforms that would most definitely limit the power of drug companies. She writes that we should strengthen the FDA, create more oversight, regulation and transparency, and so forth. All of these reforms are great, and I think they would be an improvement to the current situation. However, Angell doesn’t get to the root of the problem. Drug companies are for-profit private institutions. Therefore, their main goal will always be to make the most amount of profit possible. They will fight regulations tooth and nail and seek any sort of loophole to increase the prices of drugs. As long as they remain a for-profit entity, drug companies will care about profits more then people.

In my opinion, drug companies should be socialized.  Angell says that the reforms she suggests would “lead to better drugs at lower prices (259).” But why should these drugs cost any money at all? It seems to me that health is a human right. Health care should not be run like a business. Every individual deserves free access to the drugs they need. This is why I believe we should transfer drug companies to the public sector and implement a public healthcare system. That is the ultimate reform.