Every year the cost of providing healthcare spirals, necessitating reconsideration of budgetary allocations from the government. This phenomenon is seen worldwide and is largely driven by the pharmaceutical industrial players.
The pharmaceutical companies defend this escalation as inevitable due to escalating cost of research and development of new drugs. Thus, newer and more advanced medications are usually extremely costly, and remain so, until the patent expires and generic drug companies scramble to reproduce these medications.
Is research spending limitless? How can we bring healthcare costs down?
The major challenge for the pharmaceutical industry is to bring the cost of research down. Failure to do so will result in the inability of many underdeveloped and developing nations in meeting the healthcare needs of their citizens. This will result in a humanitarian catastrophe.