Michael Tatum

How would clinical trial reform impact drug prices in the United States?

Started Apr. 19, 2023

Abstract or project description

The topic of my research paper is how methods of lowering the overall cost and length of clinical trials could impact drug prices in the United States. The key reasons for the high cost of clinical trials in the United States include the difficulty of recruitment, stringent regulations, and the risk involved in investing in the studies. These problems can be helped in a variety of ways, including developing more electronic-based methods of research, updating outdated medical legislation, and creating a more globalized attitude towards clinical trials. These changes would lower the costs taken on by the pharmaceutical companies, which are recouped by gaining patents for the drug after its development. As a result, pharmaceutical companies would be able to charge their own prices on drugs for a smaller period of time, which would decrease the prices of drugs overall, and create a healthier nation as a result.