New York - High prescription drug prices have been a problem for years in the US. Now, with the introduction of new treatments for cancer, hepatitis C, and high cholesterol that can run tens of thousands of dollars a year, the cost of medicine has spurred a national debate.
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Hillary Clinton and Donald Trump have both called out members of the industry. Drug company executives have been hauled up to Capitol Hill to testify.
The industry says it has to charge high prices to fund research and development, and that it offers discounts and rebates to help make treatments more affordable.
Here’s why medicine costs so much in the US:
Cancer drugs in US are headed for price cuts
This could be the most exciting time in cancer-research history as previously deadly diseases may be survivable for some patients. But there’s a cost.
WATCH: Cancer drugs are headed for price cuts
Drug companies and researchers have made huge advances in recent years to treat cancer, possibly the world's leading cause of death. And more breakthroughs are likely. But it will come with a big price tag, and getting all the way to a cure will be tricky.
What does it all have to do with the global economy? In the below Bloomberg podcast, Dr Louis Weiner, director of the Georgetown Lombardi Comprehensive Cancer Centre in Washington, explains it all to Dan Moss and guest host Scott Lanman, who has a deep personal connection to the topic at hand.
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