The last thing that any of us want is to have one person or one group be in charge of the supply of things that people need.
Think of any time that you have been the victim of a situation where someone knew that they could charge as much as they wanted because they were the only people that could supply something and they knew it; and you knew it for that matter.
It’s the reason why if you ever tried to grab anything from the store at a campgrounds everything is just a little bit more expensive because they know that you’re not exactly in a position to be going anywhere anytime soon to get those eggs at six in the morning on a Sunday.
It’s also the reason why whenever a government is the only entity in charge of the pipeline of a product that people need you know it will end up in some kind of a disaster. Look at what is happening to Venezuela since they have adopted socialist attitudes towards things. Rampant inflation and the government can charge practically whatever they want.
Now, one thing that we all need is medicine. For a short while, there was a blood pressure medicine that I needed that I had to pay a small copay for, which was a percentage of whatever the pharmacy was charging. I could go to whatever pharmacy I wanted based on the price of the medicine. Can you imagine how expensive any medicine would be if there was only one group in charge of the supply?
From Western Journal:
Democratic Sen. Elizabeth Warren of Massachusetts introduced legislation Tuesday that would establish a government-run pharmaceutical manufacturer to effectively compete with the private market.
The Affordable Drug Manufacturing Act seeks to address the increasing prices of prescription drugs by injecting competition into the marketplace, consequently lowering the cost of mass-produced generic drugs.
Warren contended that by creating a government agency — called the Office of Drug Manufacturing — industry consolidation will lessen.
“In market after market, competition is dying as a handful of giant companies spend millions to rig the rules, insulate themselves from accountability, and line their pockets at the expense of American families,” Warren said in a press release.
“The solution here is not to replace markets, but to fix them,” she added.
According to the bill, the Office of Drug Manufacturing would be tasked with producing drugs “in cases where the market has failed.”
Such circumstances would be if no company manufactures the drug; one or two companies manufacture the drug and the price spikes above medical inflation (or there is a shortage); one or two companies manufacture a drug considered to be an “essential medicine” by the World Health Organization (WHO) and the price is “a barrier to patient access.”