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Started By
Message
re: Ex hedge funder raises AIDS meds from $13.50 to $750.
Posted on 9/22/15 at 7:33 am to OMLandshark
Posted on 9/22/15 at 7:33 am to OMLandshark
quote:
Yeah, that would be the karma he deserves.
Actually, true Karma would be for him to contract something for which he couldn't afford the treatment because the costs had been artificially elevated.
0
Posted on 9/22/15 at 7:34 am to foshizzle
Great post. What's more, big pharma operates under a business model that resembles a lottery, but with better odds. You aren't just paying for the fixed costs of that drug, but the fixed costs of a number of failed drugs. There's just no way around it. Science and business are awkward partners.
Posted on 9/22/15 at 7:40 am to madmaxvol
Not if only a few companies in cahoots had the money to prevent their competitors from getting off the ground.
Posted on 9/22/15 at 7:42 am to HailHailtoMichigan!
quote:
HailHailtoMichigan
Posted on 9/22/15 at 7:45 am to TJGator1215
quote:
Not if only a few companies in cahoots had the money to prevent their competitors from getting off the ground.
True...but that isn't the case, here. There are plenty of other companies with the capabilities to make this drug. They wouldn't need the advantage of economies of scale to make tons of money if he keeps the cost at $750 per pill. If it cost them $20 to make a pill (vs his $1), they still could make a ton of money and undercut him by 75%.
Posted on 9/22/15 at 7:45 am to HailHailtoMichigan!
From what I have read the people using this dru can't buy generis because there are none. This drug is controlled distribution which makes it very unlikely a generic will be offered soon.
As Hail said, this is not capitalism.
As Hail said, this is not capitalism.
Posted on 9/22/15 at 7:46 am to HailHailtoMichigan!
Capitalism is buying a company and charging what you damn well please within the law.
He's doing that. Something is only worth what someone will pay for it.
Any laws giving you patent rights for "x" years are there specifically to reward invention and risk.
Just because it works on a medical conditions, should not have different rules.
Now is he a great guy? No
He's doing that. Something is only worth what someone will pay for it.
Any laws giving you patent rights for "x" years are there specifically to reward invention and risk.
Just because it works on a medical conditions, should not have different rules.
Now is he a great guy? No
Posted on 9/22/15 at 7:54 am to TJGator1215
Just sayin
Posted on 9/22/15 at 7:55 am to TJGator1215
What a douche
Posted on 9/22/15 at 7:58 am to TJGator1215
Nothing like sticking it to a bunch of desperate sick people who have no alternative but to pay what you are charging or suffer the dire consequences.
Posted on 9/22/15 at 8:10 am to HailHailtoMichigan!
quote:
You and I have different definitions of capitalism. When it is illegal for someone to compete with this ashhole CEO and his a-hole company because of monopoly privileges specifically granted by the government.......that's not capitalism.
Meh, I'm conservative myself, but those regulations exist for a reason. Intellectual property rights are vital for advancements in research. I don't know the ins and outs on this topic and am sure there are efficiencies that could be obtained, but I do agree with the notion that clinical testing for drugs should be highly regulated. Because you are dealing with people's health, this is a little bit different from opening up grocery stores or writing software.
OP sucks though.
Posted on 9/22/15 at 8:12 am to TJGator1215
Ok socialist
Posted on 9/22/15 at 8:21 am to HailHailtoMichigan!
quote:
You and I have different definitions of capitalism. When it is illegal for someone to compete with this ashhole CEO and his a-hole company because of monopoly privileges specifically granted by the government.......that's not capitalism. Wanna see an example of real capitalism? Haggen grocery stores expanded by over 150 stores, expanding from their niche role in the pacific northwest to every region of the west coast. Well, their entry into the grocery market of the southwest has been an unmitigated disaster Why? Because their prices are higher than the existing stores. Haggen is now closing tons of locations and is an absolute mess.........that's capitalism. The folks who were benefiting from this drug can simply by something similar from other countries, like we do cars, electronics, and food.....oops sorry, our moronic government has made it ILLEGAL to buy prescription drugs from other nations. I know you as an arrogant, ignorant twat saw this story and immediately thought it could be used as evidence to advance your hideous, pinko worldview, but unfortunately for you, that's not what this is. Before you post stories to make your ideas seem more compelling, educate yourself on the facts.
Calm down there, Judy!
His one line comment doesn't seem to suggest his desire to overthrow our economic system. In context, it seems more of a jab at our healthcare system...that leaves critically ill people at the hands of bloodsuckers like this guy.
The problem isn't one of a "monopoly" holding out competition but rather one of them having a patent that gives them the sole rights...and yes, that is capitalism.
Posted on 9/22/15 at 8:44 am to foshizzle
quote:
c. It isn't unusual for variable cost to be $1 per pill but fixed cost to be half a billion or more, so it's entirely possible he's correct.
And why does it matter to you whether he is a former hedge funder?
I heard on the news this morning that the pill has been around 60+ years and he just bought the patent. So all that was taken care of, wasn't it?
Posted on 9/22/15 at 8:46 am to madmaxvol
quote:
True...but that isn't the case, here. There are plenty of other companies with the capabilities to make this drug. They wouldn't need the advantage of economies of scale to make tons of money if he keeps the cost at $750 per pill. If it cost them $20 to make a pill (vs his $1), they still could make a ton of money and undercut him by 75%.
It all depends on the market for the drug, the availability of the raw product and the capacity of the manufacturer to make the drug. Just because a company can make $700/pill doesn't mean they will make it because the volume might not be there. The company may make more money overall by increasing production of a HBP medication.
Also, a lot of the generic companies are running at capacity right now. Things are a little crazy because the FDA is hammering Indian pharma companies at the moment. I don't think a company would want to stop their productions of their big sellers and dump a bunch of money to set up for this drug. There is a ton of cost and red tape to get approved to manufacture a new generic.
Posted on 9/22/15 at 8:48 am to TJGator1215
quote:
Yay capitalism.
Capitalism will fix this problem very shortly, but if I have to tell you that you're an idiot.
Posted on 9/22/15 at 8:55 am to MSTiger33
No other generic company can produce this pill right now. There is no other company coming to save the day, because they can't.
Posted on 9/22/15 at 9:01 am to tigerpimpbot
quote:
Nothing like sticking it to a bunch of desperate sick people who have no alternative but to pay what you are charging or suffer the dire consequences.
quote:hmmmmm
The drug company needs to partner with the patients and make sure that it’s a very cared for community. And that costs a lot of money too,” pointing out that the company also “gives away” the drug for $1 for those who can’t afford it.
Posted on 9/22/15 at 9:53 am to htownjeep
Most if you don't understand the medical payment and billing system as it pertains to cost.
Companies like this have built in PAP (personal assistance programs) which help the truly needy and poor receive the drug at discounted pricing.
This guys actions won't make the drug unavailable for most, it will just make it where his company gets a huge write off when he does give it away for cheap to those in need.
Insurance decides what it's going to pay. I might sell a brace to the physicians for 300 who in turn Bill insurance $2000 for the brace. In return, the insurance pays $900.
Bottom line, he can charge $80k for the pill, if insurance only pays 200, then that's it. Cash pay will be all PAP which gives his company huge tax breaks.
Companies like this have built in PAP (personal assistance programs) which help the truly needy and poor receive the drug at discounted pricing.
This guys actions won't make the drug unavailable for most, it will just make it where his company gets a huge write off when he does give it away for cheap to those in need.
Insurance decides what it's going to pay. I might sell a brace to the physicians for 300 who in turn Bill insurance $2000 for the brace. In return, the insurance pays $900.
Bottom line, he can charge $80k for the pill, if insurance only pays 200, then that's it. Cash pay will be all PAP which gives his company huge tax breaks.
Posted on 9/22/15 at 10:26 am to GeeOH
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