Greg T.
The Jizz Slinger
Absolutely. They were making "enough" profit before the increase. But, then again, who is to say how much is enough?
EpiPen Raises Prices, Gives Execs Huge Raises
- Thread starter MI2AZ
- Start date
Good Times Good Times
Active Member
I think that is the role of elected legislators and the role of government, with regard to health care products like medication, to regulate prices.
That is my opinion.
Don't misunderstand me, I do not think the small government argument is necessarily incorrect, but when it comes to things like medication etc.......yes, I believe the constitution allows elected legislators that authority.
Greg T.
The Jizz Slinger
I think the problem is the patent. I THINK the way it works now, is that a company is allowed exclusivity on their drug for a period of 7 or 11 years or something, to allow them to recover their R&D costs. After that period, generics are allowed. I use a couple of drugs that have no generics and they've been out for many many years, and the pricing is STILL astronomical. I need Advair twice daily. Been using it for 20 years, no generic and the price is $275.00 for one fucking inhaler with 60 hits in it. $275.00/mo for one inhaler. I'm normally not in favor of regulation because, for the most part, it kills productivity. But in this case, I believe after the patent has run out they should be forced to cut the wholesale to something reasonable. A 5 to 7% net margin would be in order. The other situation still astounds me and I wish someone would look into it. That being the differences in pricing among the pharmacies. I've seen a drug sell for $130.00 in one pharmacy and $14.50 at the next. Had that happen with an antibiotic once. THIS needs to be checked out.
Good Times Good Times
Active Member
I'm with you, I know there is a short period where a company is entitled to their product only and then generics are allowed but I'm not certain the time frame. I think our common ground is that when it comes to medications.......it IS life/death type stuff.....there is no reason (profit margin included) people in the United States shouldn't have access to cheap/affordable medications that are ESSENTIAL (not talking boner pills, I do think there is a legit medical usage of BC and it's not just a whore enabler).
There is making money and there is a point where it is insanity. If an elected legislator I would be in favor of legislation that makes things like the medication $130.00 at one spot and $14.95 at another stand in check. Those things shouldn't happen.
Okay, quick Google and found this to back up my memory above. I was afraid I may have been exaggerating in my mind.
http://www.cnn.com/2015/09/28/health/us-pays-more-for-drugs/
http://www.wakingtimes.com/2015/11/...more-for-drugs-in-us-than-in-other-countries/
https://www.reddit.com/r/news/comme...hat_costs_1000_in_america_sells/?ref=readnext
http://www.cnn.com/2015/09/28/health/us-pays-more-for-drugs/
http://www.wakingtimes.com/2015/11/...more-for-drugs-in-us-than-in-other-countries/
https://www.reddit.com/r/news/comme...hat_costs_1000_in_america_sells/?ref=readnext
Greg T.
The Jizz Slinger
I have a couple of Canadian pharmacies that I used to use before I had medicare. I used to order online without a script. I could get anything I wanted and I treated myself for three years with antibiotics, etc. Can't just buy one regimen, tho. I use Zithromax a lot and one regimen is only 6 pills. Well, I had to buy a minimum of 30 pills. But, I'd stash them away and used them when I needed them. Best part is that they were 100 bux in the states, AND a doctor's visit, but I paid 35 bux and got them from India. Same brand, same English packaging, everything.
From Newser:
Mylan CEO Heather Bresch has taken her fair share of scrutiny lately over EpiPen's soaring price, her own soaring salary, her dad, and even a since-rescinded MBA from West Virginia University. But even as her company's controversy grew, Bresch did something else that's getting scrutinized: She unloaded about 100,000 shares of stock on August 9, to the tune of a $5 million profit. Bresch did so under a 10b5 plan, which spans a certain waiting period and are set up to avoid the appearance of insider trading, reports the Guardian. "Yet," as the Guardian writes, "Bresch did not need insider information to know that trouble lay ahead."
The grumbling about the price of EpiPen goes back to at least last September, when Bloomberg reported on EpiPen's marketing success story while noting the price had gone up 400%. Mylan subsequently hiked EpiPen's price again. In June, Wells Fargo noted in a report that Mylan had jacked prices on seven products by at least 100%, and on 24 products by at least 20%, hikes it said "could bring greater regulatory scrutiny and headline risk." Mylan shares went from $49.20 per share on August 19, 10 days after Bresch's sale, to $43.11 on August 24—a $3 billion loss in value, notes Raw Story. Bresch, however, didn't completely dodge that hit: She still holds about 925,000 shares, adds the Guardian.
Mylan CEO Heather Bresch has taken her fair share of scrutiny lately over EpiPen's soaring price, her own soaring salary, her dad, and even a since-rescinded MBA from West Virginia University. But even as her company's controversy grew, Bresch did something else that's getting scrutinized: She unloaded about 100,000 shares of stock on August 9, to the tune of a $5 million profit. Bresch did so under a 10b5 plan, which spans a certain waiting period and are set up to avoid the appearance of insider trading, reports the Guardian. "Yet," as the Guardian writes, "Bresch did not need insider information to know that trouble lay ahead."
The grumbling about the price of EpiPen goes back to at least last September, when Bloomberg reported on EpiPen's marketing success story while noting the price had gone up 400%. Mylan subsequently hiked EpiPen's price again. In June, Wells Fargo noted in a report that Mylan had jacked prices on seven products by at least 100%, and on 24 products by at least 20%, hikes it said "could bring greater regulatory scrutiny and headline risk." Mylan shares went from $49.20 per share on August 19, 10 days after Bresch's sale, to $43.11 on August 24—a $3 billion loss in value, notes Raw Story. Bresch, however, didn't completely dodge that hit: She still holds about 925,000 shares, adds the Guardian.
Mylens net profit us only 8 percent. That's across all their products. Even if patents expire, it might not be beneficial for another company to produce a generic.
From Newser:
Relief is coming: In what Bloomberg notes is Mylan's second move after an explosion of criticism over the price of its EpiPens, the company on Monday announced it will start selling a cheaper version. The drugmaker says it will make available in the next several weeks a generic EpiPen that is identical to the branded option but will have a list price of $300 for a two-pack; the current two-pack sells for $608, reports the AP. The list price for a pair of EpiPens has climbed repeatedly from around $94 in 2007. The generic will be available in both 0.15-milligram and 0.30-milligram strengths, like the current version on the market.
Relief is coming: In what Bloomberg notes is Mylan's second move after an explosion of criticism over the price of its EpiPens, the company on Monday announced it will start selling a cheaper version. The drugmaker says it will make available in the next several weeks a generic EpiPen that is identical to the branded option but will have a list price of $300 for a two-pack; the current two-pack sells for $608, reports the AP. The list price for a pair of EpiPens has climbed repeatedly from around $94 in 2007. The generic will be available in both 0.15-milligram and 0.30-milligram strengths, like the current version on the market.