Drug prices should be regulated. Too often, drug manufacturers drastically raise the price of critical medicine because they have been given a monopoly license for a period of time. However, they have abused this power. Therefore, like a utility, prices should be regulated by the government while it is under patent protection.
People who suffer from debilitating and life-threatening conditions such as diabetes should have the reassurance that their essential drugs are going to remain at an affordable price. They did not choose to have this illness and have no choice about their treatment so there should be a law against unreasonable price increases.
Increasing prices for medication should not be allowed. Drug manufacturers continue to raise prices on drugs year after year. If there is a shortage of insulin for example, the price should not increase like other goods. The government should regulate the increase and put a limit and number of times drug prices can increase within a given time period.
The argument that drug prices are high in order to fund further research and development no longer makes any sense, especially considering how most of the money is going back into the pharma executives pockets. Drug companies should be not-for profit. Of course fleecing people by taking advatage of their desire to live forever is not new.