Do you take prescription medications? If so, you’re definitely not alone.
After all, almost everyone deals with health issues of one type or another that require taking drugs to maintain a normal lifestyle. This gives the pharmaceutical companies of the world a tremendous amount of power over the average person.
But can the pharmaceutical industry actually be trusted? That’s a great question, and you’ve come to the right place for some important facts. This article takes a look at some very disturbing information about how pharmaceutical companies abuse customers for profit.
Keep reading to get the inside scoop on these eye-opening details.
1. Maximizing Profits at the Expense of Patients
Have you ever noticed how expensive many prescription drugs are? That’s because most drug companies make an effort to squeeze every drop of profits possible from their products.
You might be asking “Isn’t this just good business?” After all, the drug companies, as with any other type of business, are in business to make money. The problem is, the prices they charge are often grossly out of proportion with the cost of producing the drugs in question. But because they know that people are dependent on their medications for good health or even survival, they are willing to pay whatever price necessary to get their prescription meds.
The result of this is massive profits at the expense of those who cannot afford the drugs they need.
2. Global Price Fixing
There have also been cases involving global price-fixing. In other words, various drug companies colluded to create a non-competitive situation where they agreed to keep their prices above a certain level in order to maximize profits.
Because of this collusion, people around the world were forced to pay considerably more for their prescription meds than should have been necessary.
Hotze Runkle specializes in pharmaceutical lawsuits.
3. Vitamin Scandal of 1999
In 1999, numerous pharmaceutical companies were prosecuted for defrauding customers. This case was so big that it actually included dozens of companies located in the USA, Canada, Europe, and Australia.
It’s important to understand that one of the major problems in this type of case is the fact that these companies generate such vast profits that they can afford to pay the fines involved.
4. Vitamin Price-Fixing
In another case, companies were accused of meeting in secret to fix prices on various products, including vitamins.
The result of this case was a settlement of $225 million dollars to be split among 21 states, as well as the District of Columbia and Puerto Rico.
Keep in mind that holding major pharmaceutical companies accountable for their pricing practices is incredibly important for making sure people are able to get the products they need without going broke in the process.
A Guide to Some Shocking Abuses the Pharmaceutical Industry has Committed Over the Years
When you need meds to stay healthy, you might be willing to overlook some of the risks involved in taking prescription drugs. That’s why it’s so important to understand the unethical behavior of the pharmaceutical industry in certain situations.
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