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Trade-offs to High-Priced Cancer Drugs

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Question 1

Over the past few years, the cost of cancer drugs as well as related care and treatment have been sky rocketing. Many cancer patients today pay thousands of dollars per year for medical care and many others abandon treatment because of these high prices of drugs. These high costs are majorly attributed to the emergence of new and better drugs that prolong life. They are also more expensive because there is a major shift by doctors and patients towards these drugs due to the urge for better treatment. Cancer drugs are complex and not easily available in generic form hence the research and development as well as the effort put to bring them into the market are some the reasons for their exceptional high costs. Emergences of new technologies for research as well as for diagnosis also contribute to the high prices of drugs (Sherman, 2011).

Question 2

Increased government involvement in the research of cancer drugs would be a remedy that eventually puts an end to the atrocious discrepancy of high cost of cancer drugs. In the United States, the National Cancer Act which brought about National Cancer Program as well as National Cancer Institute was put in place and given unique capabilities towards accelerated cancer research. Such alliances by government and medical research as well as additional budgetary allocations would relate to lower prices of drugs that patients can afford without much struggle. Many insurance companies have in the present deviated from making reimbursements or full benefits. Direct government involvement through passage of healthcare legislations would see to it that cancer patients get insurance benefits (Sherman, 2011).

Question 3

Many of the things that people want are not freely available to them. Medical therapy for the treatment of cancer has been recently approximated to cost up to thirty thousand dollars a month. Recently approved chemotherapy is used to treat patients together with the administration of new costly drugs hence the high prices of treatment. There is a high demand for this treatment as well as the drugs which is not readily available to all. The constant need for better treatment and medicine has kept researchers and medical technologists on toes as to continually put more resources as well as new technologies to come up with advanced treatment. This high cost of medical therapy form of treatment and demand relates to the economic concept of scarcity in relation to prices (Sherman, 2011).

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