This paper seeks to identify and consider ethical issues relating to the international pricing of pharmaceuticals, drawing especially on liberal rights theories. It suggests why and how some of these issues might be resolved. It examines and critiques arguments presented by major pharmaceutical manufacturers. It addresses a range of ancillary issues like current pricing policies, R&D, intellectual property rights, rights to profits, the public good and regulation. It proposes a potential model for moving forward on the pricing of pharmaceuticals, with a view to increasing access to essential drugs.