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Drug Price Goes from $13.50 to $750 Per Tablet In One Day


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#21 LFC

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Posted 23 October 2015 - 11:25 AM

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" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

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#22 Art_Vandelay

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Posted 02 December 2015 - 08:25 AM

So much for lowering the price:

Turing reneges on drug price cut


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TRENTON, N.J. —After weeks of criticism from patients, doctors and other drugmakers for hiking a life-saving medicine to more than 50 times its former price, Turing Pharmaceuticals is reneging on its pledge to cut the $750-per-pill price.

Instead, the small biotech company is reducing what it charges hospitals, by up to 50 percent, for its parasitic infection treatment Daraprim. Most patients’ co-payments will be capped at $10 or less a month. But insurers will be stuck with the bulk of the $750 tab. That drives up future treatment and insurance costs.



#23 LFC

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Posted 02 December 2015 - 11:54 AM

I heard a great comment on this somewhere (might have been Maher but I'm not sure). The person basically said that drug manufacturers had "their foot on the throat" of sick people. This is why healthcare can never function in the real world of market forces.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#24 Traveler

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Posted 02 December 2015 - 01:17 PM

I don't think its nearly that egregious as that asshole. We put them through the wringer to get them approved, after which they have whatever is left of their 17 years of patent protection. I still get frosted when people think they can ripoff drug cos. who put in the effort to discover, improve, prove and approve their products, like the IP is should be free. If there was no profit in doing so, we would be a major world of hurt.
"Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened."-- Winston Churchill
"Anyone who has the power to make you believe absurdities has the power to make you commit injustices" Voltaire

#25 AnBr

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Posted 02 December 2015 - 02:04 PM

You do have to take into account that much of the research is done on the taxpayers' dime and universities.

http://www.citizen.o...ect.cfm?ID=7065
http://www.slate.com...ve_billion.html

Quote

The researchers' analysis found striking differences between priority-review drugs and standard-review drugs in terms of the proportion receiving a public-sector patent. The direct government role is much more pronounced for the most innovative drugs-those receiving priority review.

http://www.news-medi...eutical-RD.aspx

Add in that fact that many drug companies also do the trick of ever so slightly tweaking a drug to extend its patent. I am not saying that they have no investment in bringing new drugs to market, nor that they should not receive a reasonable profit from their efforts, but like so many modern corporations they can and do abuse their position to price gouge the consumer. Also consider the huge price difference of many drugs between here and other countries where there are more stringent controls placed on the market. They would simply not sell to those other markets if it lost them money.

Then again this one other thing that could be fixed by single payer.
Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#26 LFC

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Posted 02 December 2015 - 02:17 PM

 Traveler, on 02 December 2015 - 01:17 PM, said:

I don't think its nearly that egregious as that asshole. We put them through the wringer to get them approved, after which they have whatever is left of their 17 years of patent protection. I still get frosted when people think they can ripoff drug cos. who put in the effort to discover, improve, prove and approve their products, like the IP is should be free. If there was no profit in doing so, we would be a major world of hurt.

And yet we're the only nation whose government run insurance program is not allowed to negotiate for pricing. The issue here is not ROI, it's profiteering on somebody's desperation. I'm all for allowing them a solid profit for their risk but I'm pissed as hell that we're forced to pay a greater share of it than other nations.

As an aside, the compounding pharmacy I mentioned earlier in this thread recently said it will sell a version of the drug for $1 per pill and that they will make a profit.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#27 Bact PhD

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Posted 02 December 2015 - 04:57 PM

 AnBr, on 02 December 2015 - 02:04 PM, said:

You do have to take into account that much of the research is done on the taxpayers' dime and universities.

http://www.citizen.o...ect.cfm?ID=7065
http://www.slate.com...ve_billion.html

Yup. Some very interesting public-private partnerships have resulted. Interestingly, though, when a university-developed, NIH-funded idea receives a patent, there is some language that I'm fairly sure is standard issue -- at least it was on about every US Patent application that the lab I worked in for years filed: Under the heading of "Government Interests", subheading "Government Support," the following: "The invention was supported, in whole or in part, by a grant (number) from the National Institutes of Health. The Government has certain rights in the invention."
The big Research I schools have, and have had for some time, entire offices devoted to getting institutionally-developed inventions into the marketplace. I know that in these tech transfer deals, the universities get a cut of the action (I think Uncle Sam does, too) if the invention is successful in the marketplace. I'm sure the breakdown of exactly who gets how much of the action varies from institution to institution.

I don't know that I'd be crying big tears for the universities, especially when I consider that that $$ is supposed to be funding other stuff that's not necessarily revenue-generating on the academic front. Unlike the megabucks from big-time athletics...

Quote

http://www.news-medi...eutical-RD.aspx

Add in that fact that many drug companies also do the trick of ever so slightly tweaking a drug to extend its patent. I am not saying that they have no investment in bringing new drugs to market, nor that they should not receive a reasonable profit from their efforts, but like so many modern corporations they can and do abuse their position to price gouge the consumer. Also consider the huge price difference of many drugs between here and other countries where there are more stringent controls placed on the market. They would simply not sell to those other markets if it lost them money.

Then again this one other thing that could be fixed by single payer.

Sometimes said "tweaking" is enough to derail potentially competing developments. I'm just a little too closely acquainted with this phenomenon. :(
Politics these days is show business. Elections are Dancing with the Stars with consequences. ~Rue Bella

(About fame) Living for likes, shares and follows is a form of validation. The question is whether it is also the source of our self esteem. If it is, we’re screwed. And, culturally, it seems as if it’s become more and more our shared value. ... Meringue is no longer a sweet and pretty topping but the body itself. ~Charles Perez

"If a nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be." --Thomas Jefferson to Charles Yancey, 1816. ME 14:384, via LFC, 12/1/2016

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#28 AnBr

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Posted 02 December 2015 - 06:00 PM

I was hoping that you would weigh in on this one.
Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#29 andydp

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Posted 02 December 2015 - 07:23 PM

Just read Express Scripts will be offering a compounding pharmacy's drug to all their subscribers and hospitals.

http://www.nytimes.c...ative.html?_r=0

In this case, karma is a real witch...
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Obamacare took my guns away and put me in a FEMA reeducation camp.

Anonymous

If you've got public schools paid for by taxpayers, you're in a socialist nation. If you have public roads paid for by taxpayers, socialist nation. If you've got public defense (police, fire, military, coast guard) paid for by tax dollars, socialist nation. If you're in a nation that has nationalized or localized delivery of services that are not paid for by users alone, you're in a socialist nation- the only question is how socialist. As I see it, we have the military pay to protecting the shipping lanes for our fuel needs which makes up very socialist. In a capitalist nation, the people supplying the oil would pay for their own defense force.


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#30 Traveler

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Posted 02 December 2015 - 08:19 PM

You mean to tell me they can do this by simply combining two existing drugs? WTF?
"Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened."-- Winston Churchill
"Anyone who has the power to make you believe absurdities has the power to make you commit injustices" Voltaire

#31 andydp

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Posted 02 December 2015 - 09:23 PM

 Traveler, on 02 December 2015 - 08:19 PM, said:

You mean to tell me they can do this by simply combining two existing drugs? WTF?
Apparently, it's perfectly legal to combine FDA approved drugs which, it seems the drug in question is made from. (Don't ask why they don't just take two pills.)
Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.

Rev Martin Luther King Jr.


Obamacare took my guns away and put me in a FEMA reeducation camp.

Anonymous

If you've got public schools paid for by taxpayers, you're in a socialist nation. If you have public roads paid for by taxpayers, socialist nation. If you've got public defense (police, fire, military, coast guard) paid for by tax dollars, socialist nation. If you're in a nation that has nationalized or localized delivery of services that are not paid for by users alone, you're in a socialist nation- the only question is how socialist. As I see it, we have the military pay to protecting the shipping lanes for our fuel needs which makes up very socialist. In a capitalist nation, the people supplying the oil would pay for their own defense force.


DC Coronata

#32 Bact PhD

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Posted 02 December 2015 - 09:35 PM

 andydp, on 02 December 2015 - 07:23 PM, said:

Just read Express Scripts will be offering a compounding pharmacy's drug to all their subscribers and hospitals.

http://www.nytimes.c...ative.html?_r=0

In this case, karma is a real witch...

Not sure how this is going to work, as Express Scripts is nationwide. IIRC, compounding pharmacies are regulated by states, and some of the establishments have fallen into deep doo-doo over the years.

 Traveler, on 02 December 2015 - 08:19 PM, said:

You mean to tell me they can do this by simply combining two existing drugs? WTF?

 andydp, on 02 December 2015 - 09:23 PM, said:

Apparently, it's perfectly legal to combine FDA approved drugs which, it seems the drug in question is made from. (Don't ask why they don't just take two pills.)

It is. Think of most of the OTC multi-symptom cold relievers out there. In this specific instance, it may have something to do with the proportion of the 2 active agents to get the most benefit, a proportion that might be more difficult to achieve in a 2-pill setup -- speculating on that, though.

Aside: Finally, that NYT link cleared up the "antiparasitic" versus "AIDS drug" confusion.
Politics these days is show business. Elections are Dancing with the Stars with consequences. ~Rue Bella

(About fame) Living for likes, shares and follows is a form of validation. The question is whether it is also the source of our self esteem. If it is, we’re screwed. And, culturally, it seems as if it’s become more and more our shared value. ... Meringue is no longer a sweet and pretty topping but the body itself. ~Charles Perez

"If a nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be." --Thomas Jefferson to Charles Yancey, 1816. ME 14:384, via LFC, 12/1/2016

Competent people go in one of a few directions. But incompetence is infinite. ~David Brooks, NY Times

#33 indy

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Posted 17 December 2015 - 07:29 AM

Quote

A boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested at his Manhattan home early Thursday morning on securities fraud related to a firm he founded.

...

Prosecutors charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.

In the case that closely tracks that suit, federal prosecutors accused Shkreli of engaging in a complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions. He is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He's accused of conspiring with Shkreli in part of the scheme.

http://www.bloomberg...curities-fraud/

#34 andydp

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Posted 17 December 2015 - 08:39 AM

Karma is a real witch sometimes...
Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.

Rev Martin Luther King Jr.


Obamacare took my guns away and put me in a FEMA reeducation camp.

Anonymous

If you've got public schools paid for by taxpayers, you're in a socialist nation. If you have public roads paid for by taxpayers, socialist nation. If you've got public defense (police, fire, military, coast guard) paid for by tax dollars, socialist nation. If you're in a nation that has nationalized or localized delivery of services that are not paid for by users alone, you're in a socialist nation- the only question is how socialist. As I see it, we have the military pay to protecting the shipping lanes for our fuel needs which makes up very socialist. In a capitalist nation, the people supplying the oil would pay for their own defense force.


DC Coronata

#35 Traveler

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Posted 17 December 2015 - 11:32 AM

More on his machinations. Dude was a total shyster.
"Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened."-- Winston Churchill
"Anyone who has the power to make you believe absurdities has the power to make you commit injustices" Voltaire

#36 Progressive whisperer

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Posted 17 December 2015 - 11:49 AM

 Traveler, on 17 December 2015 - 11:32 AM, said:

More on his machinations. Dude was a total shyster.

I.E. "Model capitalist and job creator".

Trump delenda est.
GOP delenda est.
Resist!

#37 AnBr

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Posted 17 December 2015 - 05:00 PM

Hey, he is was an *entrepreneur*!
Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#38 Progressive whisperer

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Posted 17 December 2015 - 05:24 PM

 AnBr, on 17 December 2015 - 05:00 PM, said:

Hey, he is was an *entrepreneur*!

Probably still is. A month from now the price of contraband on his cell block will triple.
Trump delenda est.
GOP delenda est.
Resist!

#39 AnBr

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Posted 17 December 2015 - 05:33 PM

Maybe he will end up in a cell with a guy nicknamed 'Tiny' that just happens to have a brother that needs that drug, but can't afford it now.
Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#40 Practical Girl

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Posted 17 December 2015 - 06:19 PM

It will be interesting, when the health insurers figure out that they, in the end, are the major subsidizers of this price gouging. Sure- they can jack their policies, but you know? That market will only bear so much.
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