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Post by jonda1974 on Sept 30, 2015 14:52:52 GMT
I did a search and didn't see where this was discussed. It's sickening, and this is part of why I was opposed to Obamacare, because it didn't address issues just like this. A 60+ yr old drug, increased by 5500% overnight, and he states he needs the profits for R&D and to keep the staff. I'm not buying it. If they were able to maintain the drug and staff at $13.50 then there's absolutely no reason it needs to cost over 700 now. I understand R&D costs, and firmly believe they have the right to recoup costs, but this is symptomatic of a much larger problem in the Pharma industry. Why do our drugs cost so much more? Is it in part because other countries have price fixes in place so they use us to make their profits? I'm not sure, but something needs to be done...this story almost brought out the democrat in me. link |
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Post by mirabelleswalker on Sept 30, 2015 15:31:48 GMT
Recovering the R&D costs of this drug occurred decades ago. This is pure greed. I can't blame Obamacare. This happened before and it will continue to happen.
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Post by jonda1974 on Sept 30, 2015 15:48:23 GMT
Recovering the R&D costs of this drug occurred decades ago. This is pure greed. I can't blame Obamacare. This happened before and it will continue to happen. I don't blame Obamacare for the greed that took place, What I blame it for is the fact that he didn't recognize the real problems in the healthcare industry, and that was pricing...not access... ETA: Not that I wanted this topic to go down that road, but to discuss ways that we could eliminate price gouging while still providing R&D for new drugs at the same time. |
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M in Carolina
Pearl Clutcher
Posts: 3,128 
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Post by M in Carolina on Sept 30, 2015 16:26:57 GMT
I looked at the Wikipedia page on the drug when I read this article, and it's used for Malaria and is especially effective for people with HIV infections.
So people like Bill Gates and others are frantically trying to ship antimalarias to Africa and find treatments that are cost effective and then someone turns around and does this.
The lengths that people will go to make money on the backs of human suffering continues to amaze and shock me--it shouldn't, but it does. You'd think there would be a line somewhere.
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Post by mirabelleswalker on Sept 30, 2015 16:29:11 GMT
Access was a problem for millions of people who had capped out, had preexisting conditions, etc.
This is a different problem. However, if this guy's thinking is that insurance companies would bear the brunt and consumers wouldn't really realize what happened...we all know that insurance companies use that as justification for raising premiums. It gets passed on to consumers either way, and this asshole couldn't care less.
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LeaP
Pearl Clutcher
Posts: 3,939
Location: Los Angeles, CA where 405 meets 101
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Post by LeaP on Sept 30, 2015 16:45:03 GMT
Villain, have you seen his tweets?
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Post by *KAS* on Sept 30, 2015 16:50:59 GMT
I did a search and didn't see where this was discussed. It's sickening, and this is part of why I was opposed to Obamacare, because it didn't address issues just like this. A 60+ yr old drug, increased by 5500% overnight, and he states he needs the profits for R&D and to keep the staff. I'm not buying it. If they were able to maintain the drug and staff at $13.50 then there's absolutely no reason it needs to cost over 700 now. I understand R&D costs, and firmly believe they have the right to recoup costs, but this is symptomatic of a much larger problem in the Pharma industry. Why do our drugs cost so much more? Is it in part because other countries have price fixes in place so they use us to make their profits? I'm not sure, but something needs to be done...this story almost brought out the democrat in me. linkNot only is the price increase awful, but I read the Deadspin article on Shkreli and he is a disgusting, vile human being. |
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Deleted
Posts: 0
Apr 26, 2024 6:27:51 GMT
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Post by Deleted on Sept 30, 2015 16:53:07 GMT
This chart has shown up on my FB feed and it is just one chart of drugs from one Pharma company. www.zerohedge.com/sites/default/files/images/user5/imageroot/2015/09/valeant%20price%20chart.jpgI do have to wonder at the "need" to double and triple medications costs in such a short time frame. I don't know why, but I've always had the mentality that drug costs for a specific drug will go down over time (generic competition and other pharmas making meds that also compete and work). I do understand that demand can drop, which can cause a drug cost to increase over time, but my thought was usually it is because a better med has come out to replace the old one (less side effects, works better, etc) I think this guy was just about pure greed. Wasn't he a hedge fund/stock broker type who saw the drug for sale and saw the ability to make a quick/huge profit due to the fact there are no laws that keep him from doing so? IT would be different to me if he actually had been in the pharma business before and was just trying to keep that med on the market for those who need it. And I do think that pharma (and all medical care) prices should have been considered in the PPACA. The gov't has limited how much profit insurance companies can make on premiums, why not other companies who are in the same business? And I am generally a conservative capitalist until it comes to an example like this that is so blatantly greedy and off the backs of (very) poor victims. |
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Post by anonrefugee on Sept 30, 2015 16:53:22 GMT
I haven't read the linked article yet, but he rescinded the mega increase before the end of last week. I got the impression the first move was a PR stunt, after all how many of us knew his name before this? He did keep a smaller increase, more typical with other orphan drugs- not that it's right- but less sensational.
This isn't my field, but it seems like upping common prescriptions by fifty cents, or one dollar, would generate more money for R&D than targeting a few desperate souls. Needing a specialty drug. Im thinking an extra fifty cents on one of the five dollar generics that CVS, Target Etc advertise.
ETA @luvspaper agree with you. And wish more care was taken with medication cost and seniors. It's appalling what it takes for even "healthy" seniors to pay for their medications.
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Post by jonda1974 on Sept 30, 2015 17:26:42 GMT
I looked at the Wikipedia page on the drug when I read this article, and it's used for Malaria and is especially effective for people with HIV infections. So people like Bill Gates and others are frantically trying to ship antimalarias to Africa and find treatments that are cost effective and then someone turns around and does this. The lengths that people will go to make money on the backs of human suffering continues to amaze and shock me--it shouldn't, but it does. You'd think there would be a line somewhere. It is me as well. I can understand reasonable profits, but this...this was blatant and the thing is...he doesn't care honestly. He put the price back down lower, but basically said, "OK. Those of you who complained about this...you just cost people their jobs, because now I have to fire them to make the profit margin I want." |
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Post by jonda1974 on Sept 30, 2015 17:32:29 GMT
Villain, have you seen his tweets? I've read about them. He has apparently locked access to his tweets now. He's a vile human...from what it looks like though, as much as the Pharma industry is trying to distance themselves....he is symptomatic of all of them. |
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Post by vspindler on Sept 30, 2015 17:59:15 GMT
I honestly feel like patients in the US are being forced to subsidize prescription costs for the world. Because of how medical access is in many other developed countries they are able to negotiate the price of the meds by one or two large entities. In the U.S. each insurance provider has to negotiate their own, and the govt in some cases (namely Medicare) is outright prohibited from being able to negotiate the prices. Pharmeceutical companies will charge more in the US because they can.
To answer the OP, villain. No reason to increase the price that much.
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Southern Side eyed Pea 
