Side Effects May Include: An Insight into Medicine as a Capitalist Industry

Since its inception in 1885, the medicinal industry has always been around to provide people with the treatment they need, eventually leading to the development of several large companies that specialize in pharmaceutical formulation and distribution across the world.

While pharmaceuticals have become the core of a booming commercial enterprise, the profit-led nature of this industry has proven to clash with the wholesome intentions of medicine. In more ways than one, the modern state of the pharmaceutical industry has prioritized monetary gain over consumer needs. This can be concluded when exploring overpriced medicines, the impact of television and internet advertisements, as well as the gap in access to certain medications due to shortages and off-label prescribing.

Overpricing

Over the past several years, prescription drugs have only become more expensive. While these continuously increasing prices are often presented by large manufacturers as valid due to medical advancement or costly formulation, these prices are inflated in an attempt to maximize profits and gains for these corporations. This prioritization of business growth over customer access has been detrimental, with about 25% of Americans claiming that they struggle to afford prescription medicines as of 2023.

Additionally, the global rates of expenditure on drugs are estimated to increase by 3-6% yearly. An extreme example of this phenomenon can be seen in insulin, particularly in America. An investigation published by Yale University in 2022 found that 14% of Americans were reported to be spending over 40% of their incomes solely on insulin, a concerning amount considering how important the drug is for people with diabetes. This issue has become so prevalent that many people opt to leave the U.S. and purchase their insulin in neighboring countries like Canada and Mexico.

The difference in pricing is likely due to the impact of governmental pricing controls, which can be key in tackling corporate greed and maintaining fair prices for customers.

Advertising

If you live in the U.S. or New Zealand, then you are likely to have seen advertisements for prescription drugs on television or online, while elsewhere, this type of advertising is banned. Advertisements are a means for pharmaceutical companies to present their products directly to consumers, often with a tagline encouraging viewers to ask their doctors about the advertised medication.

This advertising, however, has hurt consumers due to the price that comes with marketing, which both increases the cost of the drugs as well as their popularity, resulting in increased spending on drugs that could potentially have more affordable alternatives. Research has also shown that this type of advertising has resulted in misguided prescriptions of certain drugs due to patient requests. This represents another case of the pharmaceutical industry favoring monetary profit over customer care.

Depression

While overpricing creates a clear gap in access to certain drugs based on privilege, there is also another way in which the nature of this industry has impacted consumers, and that is the response to drug shortages.

A direct example of this is seen in the recently infamous medication: Ozempic. While Ozempic has become a topic of worldwide discussion in recent years due to its acclaimed weight-loss effects, it is a drug intended for use by people with type two diabetes.

Semaglutide, the key component of Ozempic, can also be found in a weight-loss drug called Wegovy, which has been scarce in recent years, thus resulting in patients being prescribed Ozempic as an alternative. The issue here is not that people are using the drug for weight-loss, but rather that the extent of off-label prescriptions has resulted in a shortage of the drug and, in turn, significant health consequences for the people who depend on it to maintain their blood glucose levels. Given that Ozempic is not a simple drug to manufacture, along with the lack of rules in place to ensure that those who need a certain drug for its primary purpose are prioritized, this has allowed for a shortage to occur.

Though this may not be a fault of the industry itself, but rather a consequence of lacking regulations surrounding the prescription of certain drugs, it still represents a way in which the current nature of the medicinal industry can inadvertently disadvantage consumers.

In summary, there are a range of ways in which the current state of the pharmaceutical industry has negatively affected consumers, with some being due to its focus on financial gain while others are due to a lack of regulations being put in place. Overall, there needs to be more light shed on this issue to ensure that people are receiving access to the medicines they need, regardless of their location or financial state.