A Prescription for Pharmaceutical's Future: Balancing Industry & Consumer Concerns for Pharmaceutical Drug Development
The explosion of criticism following the heightened costs of Daraprim and EpiPen revitalized the coversation surrounding pharmaceutical drug pricing. The dynamic, and oftentimes conflicting, forces at play in the healthcare market make the task of finding solutions daunting. Today, pharmaceutical drug development and sales is big business, and at the same time, these pharmaceutical products shape the day-to-day routines of many Americans.
According to a 2015 PhRMA report, the biopharmaceutical sector is the largest funder of business research and development in the U.S., and the industry spends billions of dollars in advertising every year. Patients and consumers are taking more control in healthcare decisionmaking with the rise of personalized medicine, and they are demanding affordable and reliable selections of pharmaceuticals products in the market.
The federal government, particularly the Food and Drug Administration, has struggled to find the right regulatory balance to meet pharmaceutical financing and safety concerns, while keeping an eye to this market’s effect on public and private health insurance costs. This Symposium addresses key legal and biomedical issues from the perspectives of several different stakeholder groups, including industry, consumers, health care providers, payors, and the government.