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The question of a “fair price” for medicine has been frequently raised in the public debate on drug prices without this concept being clearly defined. According to a widespread opinion, such a “fair price” would be based on moral, philosophical, and political concepts that are foreign to the theoretical corpus of economic science, exclusively devoted to the determination of “efficient” prices. However, this concept appears restrictive. Ethical and moral questions have always been present in the thinking of economists who have spoken out — directly or indirectly — on what a “ fair price” might be from an economic point of view. This is what we review in this article. In fact, the historical analysis reveals not one but three different conceptions of a “fair price” which we will qualify respectively as deontological, essentialist, and contractualist. The first defines fair price as a market price without fraud, the second as a price expressing an intrinsic value hidden in goods, and the third as a price resulting from a “fair” determination procedure. While this multiplicity of definitions cannot lead to describing this notion as “scientific”, it highlights dimensions that make prices more “fair”, such as reinforcing the definition and measurement of its therapeutic value and improving the effectiveness of institutional procedures for negotiating prices.