Most developed countries regulate prices for on-patent drugs, especially if they are publicly funded. Although theoretical reasons -and therefore shared justification - sexist to intervene, pricing schemes may differ considerably from one country to another, as well as in the course of time. In fact, the current focus has been shifting away from cost considerations (the manufacturer´s perspective) towards value considerations (the user/society perspective). With the support of the current legislation and the scarce empirical evidence available to date, it was concluded that in Spain the intervention does not respond to a value-based pricing approach, namely, the prices of new drugs do not reflect their therapeutic value relative to existing alternatives. Besides, the Spanish case was compared with Sweden and the United States.