SEU HCM506 Critical Thinking Assignment Rubric - Module 2 ✓ Solved

SEU HCM506 Critical Thinking Assignment Rubric - Module 2 Ex

Analyze a contemporary issue in healthcare and provide a well-structured argument supported by evidence. Consider providing various perspectives and critically evaluate the strengths and weaknesses of these viewpoints.

Paper For Above Instructions

The landscape of healthcare is constantly evolving, influenced by various socio-economic factors, technological advancements, and changing policy frameworks. One of the most pressing contemporary issues in healthcare today is the rising cost of prescription medications, which has garnered significant attention from policymakers, healthcare providers, and patients alike. This paper aims to analyze this issue, presenting various perspectives on its implications while critically evaluating the strengths and weaknesses of these viewpoints.

Overview of the Rising Costs of Prescription Medications

In recent years, the cost of prescription medications has surged, causing financial strain for many individuals and families. According to a report by the American Association for Retired Persons (AARP) (2020), the average annual cost of prescription drugs increased by 6.6% between 2019 and 2020, significantly outpacing the rate of inflation. This escalating cost trend raises concerns about accessibility and affordability in healthcare.

Perspectives on the Issue

Several stakeholders present differing perspectives on the rising costs of prescription medications. Pharmaceutical companies argue that high prices are necessary to fund research and development (R&D) of new drugs. For instance, the Pharmaceutical Research and Manufacturers of America (PhRMA) states that it takes about $2.6 billion to bring a new drug to market, which justifies the high prices (PhRMA, 2021). This perspective highlights the importance of innovation in advancing healthcare outcomes and acknowledges the risks associated with R&D investments.

On the other hand, healthcare advocates and consumer rights groups argue that the high cost of medications unfairly burdens patients, especially those with chronic conditions requiring ongoing treatment. A study by the Kaiser Family Foundation (KFF) found that nearly one in four Americans reported not filling a prescription due to cost concerns (KFF, 2022). This perspective underscores the ethical implications of healthcare access and the necessity for policies that protect vulnerable populations.

Policy Implications and Examination of Strengths and Weaknesses

These divergent viewpoints lead to a critical evaluation of current policy responses aimed at addressing the prescription drug pricing crisis. Recent legislative efforts, such as the Inflation Reduction Act, propose measures to negotiate prices for certain Medicare-covered drugs, aiming to reduce costs for those reliant on government-sponsored health plans (Congress.gov, 2022). Advocates for drug price negotiation highlight the potential for significant savings, potentially reducing out-of-pocket expenditures for millions of Americans.

However, opponents argue that imposing price controls could impede pharmaceutical companies’ ability to invest in new drug development, ultimately leading to fewer innovative treatments in the future. A report by the National Bureau of Economic Research (NBER) suggests that while price negotiations may provide short-term financial relief, they could have long-term consequences for drug availability (NBER, 2021). This highlights the complexity of the issue; while consumers may benefit from lower prices, the potential reduction in R&D funding could stall advancements in healthcare.

Consumer Education and Advocacy

Empowering consumers through education and advocacy is another essential component of addressing the rising cost of medications. Informing patients about their options, such as generic alternatives and patient assistance programs, can help mitigate the financial burden. Furthermore, advocacy efforts aimed at increasing transparency in drug pricing allow patients to make informed decisions regarding their medication regimens.

The role of public interest groups, such as the Patients for Affordable Drugs, emphasizes the importance of advocacy in shaping policy and raising awareness about the implications of high medication costs. By mobilizing individuals to voice their concerns, these groups aim to influence policymakers and foster changes that prioritize patient welfare over corporate profits (Patients for Affordable Drugs, 2020).

Conclusion

The rising cost of prescription medications represents a multifaceted issue in contemporary healthcare. Through a critical evaluation of various perspectives, it becomes clear that there are significant ethical, economic, and policy considerations at play. While the need for pharmaceutical innovation is undeniable, ensuring equitable access to essential medications is equally critical. Future policy efforts must strike a balance between incentivizing innovation and protecting consumers, promoting a sustainable healthcare system that prioritizes the well-being of all individuals.

References

  • American Association for Retired Persons (AARP). (2020). 2020 Rx Price Watch Report. AARP. Retrieved from [URL].
  • Congress.gov. (2022). Inflation Reduction Act of 2022. Retrieved from [URL].
  • Kaiser Family Foundation (KFF). (2022). Prescription Drug Costs and the Uninsured. KFF. Retrieved from [URL].
  • NBER. (2021). The Impact of Drug Price Negotiation on Pharmaceutical Innovation. National Bureau of Economic Research. Retrieved from [URL].
  • Patients for Affordable Drugs. (2020). Advocacy Overview. Retrieved from [URL].
  • Pharmaceutical Research and Manufacturers of America (PhRMA). (2021). Research and Development. PhRMA. Retrieved from [URL].
  • Mordor Intelligence. (2022). Global Prescription Drug Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028). Retrieved from [URL].
  • Centers for Medicare & Medicaid Services (CMS). (2021). National Health Expenditure Projections 2021-2029. Retrieved from [URL].
  • National Institute for Health Care Management (NIHCM). (2022). High-cost Generic Drugs and their Impact on the U.S. Health System. Retrieved from [URL].
  • Health Affairs. (2021). Cost sharing and medication adherence: A review. Health Affairs. Retrieved from [URL].

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