Proof of just how messed up the US pharmaceutical industry is

Discussion in 'Politics, Religion, Social Issues' started by samiwas, Sep 21, 2015.

  1. samiwas macrumors 65816

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    #1
    This just popped up on my Facebook feed...

    http://www.nytimes.com/2015/09/21/b...ncrease-in-a-drugs-price-raises-protests.html

    More than a 55-times increase.

    Life-saving medications acquired by hedge fund managers. How can anyone read this and seriously think that this is part of "the best healthcare system in the world"?

    But, this is the part that really caught my eye:

    If true, this practice should be highly illegal with long prison sentences and hefty fines attached. But, more than likely, it's a slap on the wrist. This is a truly despicable practice.
     
  2. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #3
    The prices are insane, but I'm not surprised. The average cost to get a drug to the market when you account for the failures is about $4 billion dollars.
     
  3. shinji macrumors 65816

    shinji

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    #4
    It's sickening.

    Btw, here's a picture of Martin Shkreli, CEO of Turing Pharmaceuticals:

    [​IMG]
     
  4. samiwas thread starter macrumors 65816

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    #5
    I'll be sure to watch this when I'm not on 1984 dialup internet.

    It sounds like most of these listed were drugs that were already on the market for years and years. if they were being sold for $13.50, one would think that the company who originally developed them priced them accordingly for what they cost to bring to market vs. the predicted sales. Then along comes some venture capitalist company to gobble up the ownership of the drug and skyrocket the price to bankrupting levels.

    American Capitalism, yeah!
     
  5. mrkramer macrumors 603

    mrkramer

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    #6
    Because the past 60 years weren't enough to regain the costs of taking it to market? The people who paid those costs are all long retired and probably dead. Small price increases for old drugs to account for inflation are understandable, but this is rediculous.
     
  6. giantfan1224 macrumors 6502a

    giantfan1224

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    #7
    Seems like a ripe opportunity for a drugmaker to bring to market a generic form of Daraprim.
     
  7. jkcerda Suspended

    jkcerda

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  8. juanm macrumors 65816

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    #9
  9. Renzatic Suspended

    Renzatic

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    #10
    Probably. It'll likely skyrocket a bunch of people's rates, too.
     
  10. rdowns macrumors Penryn

    rdowns

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    #11
    WTF does this have to do with Obamacare?
     
  11. Renzatic Suspended

    Renzatic

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    #12
    Not a thing up front. Though this move will have an effect on it later.

    The way this'll go is that it'll lead to a hike in coverage, which will make people angry, which will make some people in Washington scream about how Obamacare is broken, and how it needs to be REPEALED RIGHT NOW! Others in Washington will go to investigate the hows and whys of the cost increase, which will cause someone else to quote Ayn Rand, and others still will start screaming SOCIALISM SOCIALISM.

    MARK MY WORDS, PEOPLE!
     
  12. jkcerda Suspended

    jkcerda

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    #13
    I imagine other clowns are going to pull the same stunt if O-care covers it.
     
  13. jkcerda Suspended

    jkcerda

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    #14
    I did with a sharpie, you owe me a new monitor.

    I don't see O-care being repealed, but I do see clowns making the most of it while they can. I understand insurers could not raise their prices past a certain percentage per year, I don't know if drug makers are under the same restraints, it does not appear so hence the question.........
     
  14. Renzatic Suspended

    Renzatic

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    #15
    I don't owe you nuthin. :mad:
     
  15. Renzatic Suspended

    Renzatic

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    #16
    The Douchebag in its natural habitat.
     
  16. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #17

    I don't know what their product portfolio is and I would only imagine the insurance companies will blacklist them and the doctors won't write for the drug, unless it's the only one of it's kind on the market. I think the guy is insane and hope he fails miserably, but if the direction of the company is to generate enough capital to develop new drugs, this is how it's done.
     
  17. Renzatic Suspended

    Renzatic

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    #18
    Well...yeah and no. I have no problem with companies making enough both to cover their research, and make a tidy profit in the process. But like anything, there's a matter of degrees to consider. It's the difference between "we want to make money off this life saving drug we spent a long time developing", and "we want to gouge you for every penny we can, because we know you're desperate enough to shell out whatever price we deem fit to save your stupid dying ass, so...OLOL 5000% PRICE INCREASE!"

    The fact it's been on the market for awhile, everyone knows it works, and hospitals have built up regiments around it, shows this is less about "hey, we want to make money too", and more "**** you, we got your balls in a vice. Pay up."
     
  18. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #19

    Costs $1 billion to get a drug from finding to FDA approval, that's if you don't fail. I believe in the video of his explanation he said the drug generated $5 million in revenue last year. I agree it's a huge problem when generics jump in price like this. Not sure how anyone can stop it though, especially if that's the only drug of it's kind on the market.
     
  19. mrkramer macrumors 603

    mrkramer

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    #20
    I highly doubt that it cost $1 billion to get this drug to market 60 years ago. There is no reason for this large of a price increase other than wanting to make a lot of pure profit.
     
  20. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #21
    It's costs $1billion to get a drug to the market TODAY. Turing hasn't had the drug for 60yrs, it's been passed around quite a bit.
     
  21. mrkramer macrumors 603

    mrkramer

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    #22
    And buying an already approved drug isn't going to incur all of those regulatory costs. And if you paid enough for it to have to raise the price that much then you got ripped off.
     
  22. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #23
    Your not following, they are going to incur all of those regulatory costs on any upcoming drugs they develop. A drug companies profits on past drugs pay for the R&D on new drugs.
     
  23. MacNut macrumors Core

    MacNut

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    #24
    Just watched this scum on a CNBC interview. What a weasel.
     
  24. mrkramer macrumors 603

    mrkramer

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    #25
    I am following, there still isn't any reason for increasing the price on an old drug that much. I can see the arguments for new ones being expensive to cover their costs, but it is still wrong to raise the price that much on one that has been around a long time.
     

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