Big Pharma Greed: Your Generic Drugs Are Getting More Expensive

[KoKo]

The pharmaceutical industry holds enormous power over our health, our politicians, and even our economy. With their products being a necessity for a large part of the population, they have the ability to charge exorbitant amounts of money for their products, with the only relief for consumers coming in the form of generics. But today, that relief is disappearing.

Ring of Fire’s Farron Cousins and attorney Stephen Burg discuss how this is happening.

Follow more of our stories at http://www.RingofFireRadio.com
— September 21, 2015

Pharmaceutical CEO says he is Glad he Raised Price on $13 AIDS medicine to $750: Will Do It Again

In a CNBC interview today, Turning Pharmaceuticals CEO Martin Shkreli (32 years old) said he was proud of his action in raising the AIDS drug Daraprim from $13.50 to $750, and he will do it with other drugs. The medicine Daraprim is a 62-year old drug used to treat life-threatening parasitic infections, whether involving babies or AIDs patients.

Turning is an ex-Hedge Fund manager who looks for crucial lifesaving drugs that are affordable. He buys the rights to the drugs, and then raises the price to astronomical amounts to make a quick, large profit.

The CNBC host asked Shkreli: “When you bought this company did you buy it because you knew you could raise the price?” Shkreli responded: “We definitely planned on raising the price, that’s for sure. We’ve took it to a price where we can make a comfortable profit, but not any kind of ridiculous profit.”

The host continued by asking if Shkreli would consider lowering the price because “doctors and patient groups are saying they can’t access this drug.” Shkreli responded: “No.”

This is not the first time Shkreli has been involved in offensive pharmaceutical behavior. When in his 20s, he started the hedge fund MSMB Capital, where he was accused of urging the FDA to not approve certain drugs made by companies whose stock he was shorting. In 2011, he helped form Retrophin, which also acquired older drugs and immediately raised their prices.



For more on this story, click Ring of Fire Drug Co. Started by Hedge Fund Manager Buys Rights to AIDS Drug: Increases Price 5,000%; RawStory Pharmaceutical CEO: $750 is a ‘more appropriate’ price for $13 AIDS medicine, and RawStory Ex-hedge funder buys rights to AIDS drug and raises price from $13.50 to $750 per pill.

[randys1]

1. The more death and destruction capitalists cause, the more likely the IDIOTS wake up

and burn the motherfucker down.

So maybe this is good.

[nichomachus]

2. Not just Big Pharma -- the insurance companies

There is a (generic) drug I take from time to time when a condition flares up. It is extremely painful and the drug controls it pretty well.

Recently, I was informed that as of Jan. 1, my insurance co-pay for the drug would go from $8 to $45. They claim that some over-the-counter drugs work just as well (they don't, believe me). The thing that really pisses me off is that I can buy the drug retail for $23. And those bastards want me to pay them $45 for it. And for this I pay them a monthly premium.

[dixiegrrrrl]

6. So what is stopping you from buying that drug retail at 23.00?

My elderly neighbor is complaining about the same thing, but for some reason is not willing to pay what amounts to 1/2 of her co-pay to buy the drug for less,
and not use insurance for it.

[TubbersUK]

3. What a lowlife

Just found this article which also touches on the subject of drug costs - nice charts.

http://www.huffingtonpost.com/2013/10/03/health-care-costs-_n_3998425.html

[dixiegrrrrl]

7. We actually do not have health care in the US

We have 'sickness care"

Which, when you stop to think of it, explains why Big Pharma and insurance can make such huge profits and discourage any real cures.

[Thekaspervote]

4. Buy your drugs from Canada it's legal it's cheap and it screws big pharma profits

[dixiegrrrrl]

5. I thought it has now been made illegal???? n/t

[Archae]

8. One of my pills is not covered by Medical Assistance.

Why this is, I don't know.

But the price in the past year has jumped from $17.00 for 40 pills to $23.00, to $27.00.

[kacekwl]

9. The pitchforks are coming out

hopefully sooner than later. These guys should be 1st in line. Seriously I'm ready don't have much to loose anymore.

[Thekaspervote]

10. The powers at be want you to believe it is illegal don't believe that

Check it out for yourself. My dr writes the script I fax it and that's it. It's delivered to my door.

[KoKo]

11. ....!