Many people, especially politicians, are suggesting a price control mechanism to limit the prices of prescription drugs in a bid to lower drug prices across the board. The idea seems good on the surface, but a deeper dissection of the idea will make one see that the long-term effects of this policy will be adverse to the population.

The short-term benefits of this policy: the reduction in the prices of prescription drugs resulting in more money in the pockets of Americans. America's health-care costs are the most expensive in the world; with the spotlight on pharmaceutical companies, people forget that health-care spending also encompasses the salaries of health professionals and hospital spending.

Furthermore, American pharmaceutical companies have been the best in the world in the areas of innovation and research, regularly producing new drugs to combat all sorts of illnesses around the world. A part of the money generated from the sales of drugs is used in funding research for the production of new medications. These pharmaceutical companies have been leading their counterparts in the world in research and innovation, due primarily to the research funding and investor contributions made possible due to the lack of involvement by the government in pharmaceutical pricing.

These pharmaceutical companies have made sure that most of the money spent on drugs is recovered. The purchase and use of life-saving drugs reduces the time an individual spends ill and increases the life-span of the individual. A lot of life-threatening diseases have been cured, or the conditions of those suffering from diseases have been improved, giving these people a new and healthy life. What do they do with the extra time or the extra energy? It will be spent on profitable ventures, making sure every dollar spent by Americans on prescription drugs worth it. In essence, it increases the contributions of people to society, making the country a better place for everyone.

Additionally, the average American life span will improve. A study conducted by Dana Goldman and Darius Lakdawalla of the University of Southern California claimed that the extra money paid by Americans would pay for the development of new drugs that will boost longevity. The net benefits to Europeans and Americans will amount to $17.5 trillion over the next 50 years. This shows that Americans are paying for what will be of immense benefit in the future.

Some politicians argued that the American health system should be modeled on Canada and European countries with a nationalized health system that uses their monopoly to dictate drug prices. However, more than half of new drugs emerge from pharmaceutical companies in America. After a new drug has been authorized for use in America; it takes a longer time before that same drug would be used in Europe. Why? Because the new drug will not be covered in the national health plan, and authorities will have to wait until the price of the new drug has been beaten down by the emergence of competing drugs. This wait might could cause the death of patients who would have been saved by the new drugs. We can't let this happen in America due to some silly pricing policy.

Nevertheless, Americans must look inward and prepare for the future. Some of the drugs presently in use were developed from research funded by drugs paid for in the last 10 years. Some of the drugs that will be used in decades to come are being developed and researched by the payments made now on existing drugs. The short-term benefit may look appealing, but the long-term damage won't be worth it.