Monopolies in medicine increase the price of prescription drugs

Prescription drugs in America cost more than they do in other parts of the world. For example, Humira==which treats many autoimmune diseases, including rheumatoid arthritis==costs three times more in America than it does in Switzerland.^[1] Such levels of high pricing are present for just about every drug and it increases the amount of money patients spend on healthcare. These prices are the result of large monopolies in the healthcare industry. Only a number of well-established pharmaceutical companies hold the patents for manufacturing certain drugs.^[2] FDA marketing exclusivity is also only given to these select few companies. Since there is limited competition, the sky is the limit for these companies when it comes to pricing. Most of the companies know that there are patients who need them and they are the only ones producing the medication. They can set the prices as high as possible. Companies tend to only decrease these prices when their profits start dropping. While most businesses can handsomely profit from this, many patients are left in the dark with no choice but to pay these high fees.

[P1] Because patients need their drugs, pharmaceutical companies that have monopolies in the market can charge whatever they please without losing customers. [P2] The high prices of prescription drugs lead to healthcare being expensive in America.