BizSugar.com › Startups › It Could Soon Be Easier for Small Businesses to Break Into the Pharmaceutical Industry (Watch)

Competition is an essential part of running a business — but not for some pharmaceutical companies.
The Senate Aging Committee just released a report where it looked at the practices of several drug companies that bought the rights to prescription medications and then increased the price by hundreds of dollars per dose — just because they could. They managed to do this because those particular drugs were for rare conditions and had only one manufacturer. So they didn’t have any competition in the market. And there weren’t enough patients to effectively complain when prices went up.
For small businesses, entering the pharmaceutical game can be a difficult and complicated process. The application fees alone can be cost-prohibitive for many small companies. And this is one of the factors that has led to a lack of competition in certain parts of the market.