Have you ever wondered how our society values innovation, how it rewards breakthrough discoveries? Most people say that it’s the price we place on new drugs that shows how much we value the breakthrough. Supposedly our willingness as a society to pay more and bear extraordinary costs for newer drugs rewards a company for the development costs, risk and, ultimately, the breakthrough it makes. That leaves very little room for bargain hunting in our healthcare system until a generic substitute appears on the market. However, examining the price to the value of goods and services we exchange in society is rarely a rational process. Sometimes, though, it’s all too rational as can be evidenced in the recent pricing of a new drug and the re-pricing of a nearly 30 year-old generic drug.
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