Pharmaceutical companies justify high drug prices by citing research and development costs. They claim that without substantial profits from successful drugs, they cannot fund the research needed to discover new treatments. This argument collapses under scrutiny. Much fundamental research is actually conducted in universities using public funding. Pharmaceutical companies often acquire promising compounds discovered elsewhere and conduct only the final clinical trials. Moreover, companies spend more on marketing than on research and development. Their highest-earning drugs are frequently minor variations of existing medicines rather than genuine innovations. The patent system already provides twenty years of market exclusivity. Current drug prices cannot be justified by research costs.