“Big Pharma” Is a Normal Industry

Despite growing calls from across the political spectrum to impose price controls on prescription drugs, this report argues that many common criticisms of the pharmaceutical industry don’t align with the data. U.S. drug companies, while often portrayed as excessively profitable, actually invest more heavily in research and development than nearly any other industry. The analysis shows that Americans enjoy faster access to new medications compared to other countries, largely due to a private-sector-driven innovation system. Curbing prices too aggressively, the report warns, could stall future drug development and erode global biopharmaceutical leadership.