Question

Should government regulate pharmaceutical sector? Compare two countries in Middel East.

Answer 1

Should Government Regulate Pharmaceutical Sector:-

For any country, the healthcare of its population are extremely important to manage and for this the pharmaceutical industry is extremely important.

All countries are different and have different needs of healthcare. Based on the income and the forces of demand and supply prices in these countries for medicines are determined but at the same time government ensures to keep these prices in check.

The weaker sections of the society which do not earn as well need medicines as much as the rich and would miss out on receiving proper healthcare facilities in the absence of a government regulation.

In countries that do not have this practice, often the pharma companies increase the prices of particularly new drugs to a rate which not many people are able to purchase, and hence their overall health gets affected and they might not be able to deal with problems respectively.

Further, in my opinion to maintain harmony and to ensure that all sections of the society see equal distribution of healthcare facilities it is important to regulate the pharmaceutical sector as it ensures fair play and justified prices for the same.

Compare Two Countries in the Middle East:-

For the purpose of the case study, we can compare the example of United Arab Emirates and Dubai. Both countries have some laws basic to the regulation of the pharmaceutical sector but to a certain extent, in Dubai prices are set by market forces whereas that for the United Arab Emirates is heavily regulated by the administration.

This has positives and negatives in place for both respectively. While for pharma companies no regulations serve as a mode for increasing revenue and innovating but for consumers it refers to increased prices which not many others can afford.

Please feel free to ask your doubts in the comments section