A panel of medical experts who took part in Drug Pricing: Public Health Implications thinks there is need to bring the price of prescription medicines in America in line with the value they provide to patients. It should not be the case that drug makers are setting any price they like.

“Americans at the same time are getting tremendously ripped off with drugs and also getting tremendous value and we almost never know when we're getting ripped off and when we're getting real value and that has to change”, affirmed Steven Pearson, president of the Institute for Clinical and Economic Review (ICER).

The event, presented by Harvard T.H. Chan School of Public Health along with Reuters, witnessed limitations with regard to solutions provided by political members on how to curb the prices of medicines that are extremely high in comparison to what people in other nations.

An idea involving allowing Medicare to deal with drug prices would found to be not feasible. Among all medications, cancer treatments were of particular concerns as new treatments cost more than $100,000 a year.

There is a need to come up with a systematic way to find how costs of medicines can be lowered. Dr. Lowell Schnipper, chairman of the American Society of Clinical Oncology's Value in Cancer Care Task Force, shared so many people have to face bankruptcy due to increasing costs of medicines.