Blame Big Pharma For Out-Of-Control Health Care Costs (John Donvan, Intelligence Squared U.S.)

Health care costs in the U.S. are some 18 percent of GNP, nearly double what other rich countries spend. We read of drug therapies that cost $100,000 a year or more, and of drug price increases that are 6 times the rate of inflation, on average, and often much more when mergers reduce competition in the industry. Is this a major driver of excessive health care costs? Or is it a by-product of the huge costs of getting new drugs approved? Has big pharma delivered drugs that reduce the need for costly surgeries, which extend life and improve its quality? Or do they deserve the blame that has been leveled against them?
Interview:
http://www.intelligencesquaredus.org/debates/blame-big-pharma-out-control-health-care-costs