Tag Archives: Greed

Why We Pay More (Drugs)? Because We Let Them

Last week, we learned that Merck is planning to charge Americans 40 times its cost for a Covid drug whose development was subsidized by the American government. The situation spotlights two sets of facts that have also gone largely unmentioned in the legislative debate over whether to let Medicare negotiate for lower drug prices.”

“Fact one: Americans are facing not merely expensive drugs, but prices that are examples of outright profiteering.”

“Fact two: in many cases, the medicines we are being gouged on are those that we the public already paid for.”

Medicynical note: It’s safe to say that we, in the U.S., pay more for medications than any other country in the world. We consider newly developed medications akin to new inventions and offer generation long monopoly like patents, having ceded our financial interests to the companies in the 80’s and 90’s.

Drug companies are not part of the health care community. In fact they care more about revenue and the exhorbitant pay of their executives and the price of their stock (stockholders wealth) than the health and well being of their customers.

They benefit from a system fixed in their favor. They do this in part by financially supporting numerous congress people to forestall congressional oversight and then charge U.S. customers whatever they wish–no discounts to offset previous taxpayer support and no negotiation with their largest customer (Medicare) to assure reasonable pricing and profits on U.S. sales.

In fact, we pay more than any other locale in the world because we let them charge us more. Do we have any right to complain?

https://arstechnica.com/science/2021/10/mercks-thor-inspired-covid-treatment-hammered-for-700-price-a-46x-markup/

Wanted…….Alternatives to Tesla

The 48-year old CEO of Tesla has been bickering on social media with California and Alameda County officials about reopening Tesla’s Fremont, California electric car manufacturing plant, on which the electric carmaker is unusually dependent, since its only other auto manufacturing plant is the newly-opened Gigafactory outside Shanghai. Recently, Musk took to Twitter to threaten to take his company and go home, if by home, he means new digs in either Nevada, or locations where Tesla is reportedly scouting locations for a new Cybertruck plant, Austin, Texas and Tulsa, Oklahoma.”

Medicynical note: Musk is a brilliant innovator who is also a Trumpist. He, like Trump, is willing to sacrifice his employees/people’s lives for his own “greater good.” His money appears to come before……… before everything else.

Back in the 50’s and 60’s Volvo made it as a luxury/euro car alternative to the popular well engineered German brands…..I.e. Benz and BMW. in that period many avoided the German cars because of the association with Hitler’s Germany. Volvo emerged as a quality alternative.

Given Musk’s erratic money grubbing behavior I’m beginning to look for the alternative to Tesla…..though I personally will, likely, not be buying it–because of my age.

Drug Companies: It IS the money, stupid

In case you were wondering,  drug companies business plans are designed to separate you from your money—not assure access to medications; provide value or promote good health.  In the case of medicine in the 21st century in the U.S. it truly is your money or your life.  This was again graphically illustrated by Turing Pharmaceuticals when it  raised the cost of a 62 year old medication from $13.50/ pill (over priced at that) to $750/pill. 

The drug, called Daraprim, was acquired in August by Turing Pharmaceuticals, a start-up run by a former hedge fund manager. Turing immediately raised the price to $750 a tablet from $13.50, bringing the annual cost of treatment for some patients to hundreds of thousands of dollars.

Turing’s price increase is not an isolated example. While most of the attention on pharmaceutical prices has been on new drugs for diseases like cancer, hepatitis C and high cholesterol, there is also growing concern about huge price increases on older drugs, some of them generic, that have long been mainstays of treatment.

And

While some price increases have been caused by shortages, others have resulted from a business strategy of buying old neglected drugs and turning them into high-priced “specialty drugs.”

Medicynical Note:  Kind of pathetic but that’s what happens when companies use their leverage on the sick and dying. 

It leads me to conclude that “medical ethics” and what was once known as the “ethical pharmaceutical industry” no longer exist.  It’s really all about money.