More Profit: Drug Goes From $13.50 To $750 Overnight

MI2AZ

Active Member
Another from $20 a bottle to $1849.


“This isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business,” Mr. Shkreli said. He said that many patients use the drug for far less than a year and that the price was now more in line with those of other drugs for rare diseases.

“This is still one of the smallest pharmaceutical products in the world,” he said. “It really doesn’t make sense to get any criticism for this.”
 

bbfreeburn

Active Member
Wow. That Affordable Care Act is really working! :rolleyes:
I think more like corporate greed. Did you get the reference to "hedge fund?" Those guys are always so charitable.

"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."
 

livespive

Well-Known Member
Yeah it's been happening alot. Alot like buying the expiered patent on something, they buy the old drug then mark it up.
There is a drug on the market for Diabeties I was told at the drug store was marked up to about 3000. An equivalent to Metphormin.
IT is an extended release version. THat doesn't justify the mark up........

I tell you what is going to happen, they are going to mark up the drugs, someone will not be able to buy them, they will die,
and another family member out of grief will track down the CEO and do something to them. MAybe not this guy, but that is what will happen.

I think more like corporate greed. Did you get the reference to "hedge fund?" Those guys are always so charitable.

"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."
 

Good Times Good Times

Active Member
Bernie Sanders had a heated discussion about Universal Health Care. “We spend far more per capita on health care than do people in any other country. Thirty million people today have zero health insurance and many more are under-insured. How do we create Universal Health Care for every man, woman and child, and do it in a cost effective way? Other countries do it, the United States of America can do it. The private insurance companies don’t like this idea. We’re going to put them out of business. And the drug companies that are ripping off the American people and charging us the highest prices in the world don’t like the idea. Tough luck!” Sanders said.

No one is asking for "free stuff". What is being said is that drug costs are out of control and there is NO excuse for the high costs.
 

Good Times Good Times

Active Member
I'm sure some here will argue "the company has the right to set whatever price it wants. The consumers will respond by not purchasing it, and the company will lose money." Right, consumers will decide not to purchase a drug they need to survive. That works great in markets where "voting with your wallet" results in death.
 

Greg T.

The Jizz Slinger
I'm sure some here will argue "the company has the right to set whatever price it wants. The consumers will respond by not purchasing it, and the company will lose money." Right, consumers will decide not to purchase a drug they need to survive. That works great in markets where "voting with your wallet" results in death.
I haven't done the research, but there will come a time when the patent is up and the generics will flow. My POV is, the patent should up as soon as the rights have changed hands.
 

9andaWiggle

Addicted Member
How come when gas prices spike, we sometimes hear about investigations into price gouging, but nobody ever investigates hospitals/doctors/pharmaceutical companies even though they price gouge the living shit out of everybody, every single day?

That's one of two issues I have with the ACA; 1) it's essentially a tax for being alive (buy it or be fined, which is preposterous IMO), and 2) it does nothing to regulate/reduce the cost of healthcare or health insurance overall.
 

Djarum300

Addicted Member
How come when gas prices spike, we sometimes hear about investigations into price gouging, but nobody ever investigates hospitals/doctors/pharmaceutical companies even though they price gouge the living shit out of everybody, every single day?

That's one of two issues I have with the ACA; 1) it's essentially a tax for being alive (buy it or be fined, which is preposterous IMO), and 2) it does nothing to regulate/reduce the cost of healthcare or health insurance overall.
Problem is, if an XRAY costs 500 dollars and it costs 500 dollars give or take 5 percent regionally, how is it gouging? Many hospitals have a monopoly on an area, meaning they can charge what they want. It also means that they also don't pay well enough to Doctors and Nurses to get the best out there.

Public hospitals are non-profit, so where does the money go? Doctors? Possibly, but the doctors fees in many cases are insignificant when considering all the other expenses at a hospita.
 

bbfreeburn

Active Member
I saw the asshole CEO on tv. When asked if the price would come down he just smirked and said something like "if you want to point the finger at me, i've got one to point back - and it isn't the pinkie or index finger. NO." What an asshole.
 
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