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Drug manufacturers corruption exposed on 60 Minutes

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  • Drug manufacturers corruption exposed on 60 Minutes

    Tonights 60 minutes had a segment about drug manufacturers ripping us off blind.

    Generic manufacturers working together to raise prices, price fixing, sky high for us all.

    Obvious greed.

    Money, like power corrupts.

    Watch...

    -------------------------------------------------------------------------------


    Connecticut AG: The impact on the consumer is "devastating"


    https://www.cbs.com/shows/60_minutes...-devastating-/

  • #2
    Originally posted by Captain Trips View Post
    Tonights 60 minutes had a segment about drug manufacturers ripping us off blind.

    Generic manufacturers working together to raise prices, price fixing, sky high for us all.

    Obvious greed.

    Money, like power corrupts.

    Watch...

    -------------------------------------------------------------------------------


    Connecticut AG: The impact on the consumer is "devastating"


    https://www.cbs.com/shows/60_minutes...-devastating-/
    Eh, to the extent there is genuine price fixing going on, or collusion between competitors to increase prices, we have laws to handle that.

    To the extent they have (through an out of control Congress) managed to abuse the patent system, shame on Congress, not the manufacturers.

    Otherwise, people need to get some perspective. The indignation over drug prices (healthcare costs in general as a matter of fact) for things that LITERALLY in many instances save our lives is just silly, when those same people wouldn't bat an eye over shelling out $1,000 for the latest, greatest iPhone. Any rational person would place a HIGHER value on life saving treatments over life/convenience improving goods and services.

    That said, sadly, healthcare costs (like housing and college education) are much higher than they otherwise would be because of bad government policies intended to make those things more affordable. We need to get government out of the Health care/Health insurance markets (starting with the tax incentive to receiving our insurance through our employer).

    BTW, anyone care to guess what big Democrat party constituency is not too keen on Medicare for All?

    מה מכילות החדשות?


    • #3
      Originally posted by Marcus1124 View Post

      Eh, to the extent there is genuine price fixing going on, or collusion between competitors to increase prices, we have laws to handle that.
      Which is why they're being taken to court. They have jacked up prices by hundreds of percents ! Sometimes even MORE.

      Originally posted by Marcus1124 View Post
      To the extent they have (through an out of control Congress) managed to abuse the patent system, shame on Congress, not the manufacturers.

      Otherwise, people need to get some perspective. The indignation over drug prices (healthcare costs in general as a matter of fact) for things that LITERALLY in many instances save our lives is just silly, when those same people wouldn't bat an eye over shelling out $1,000 for the latest, greatest iPhone. Any rational person would place a HIGHER value on life saving treatments over life/convenience improving goods and services.

      That said, sadly, healthcare costs (like housing and college education) are much higher than they otherwise would be because of bad government policies intended to make those things more affordable. We need to get government out of the Health care/Health insurance markets (starting with the tax incentive to receiving our insurance through our employer).

      BTW, anyone care to guess what big Democrat party constituency is not too keen on Medicare for All?
      Exactly !

      But we're told by these used car salesmen & women in the "media" that the government is making it better for us.

      Enlighten us, what big Democrat party constituency is not too keen on Medicare for All ?

      And tell us why ..

      מה מכילות החדשות?


      • #4
        Originally posted by Captain Trips View Post

        Which is why they're being taken to court. They have jacked up prices by hundreds of percents ! Sometimes even MORE.



        Exactly !

        But we're told by these used car salesmen & women in the "media" that the government is making it better for us.

        Enlighten us, what big Democrat party constituency is not too keen on Medicare for All ?

        And tell us why ..
        If they are colluding in jacking up prices, that would be a cause of action. If they are doing it in a non-collusive manner, that is their right. If these drugs are so damn essential (and non-substitutable) people should clearly be valuing them highly.

        מה מכילות החדשות?


        • #5
          Originally posted by Marcus1124 View Post

          If they are colluding in jacking up prices, that would be a cause of action.
          They are/were, and it is.

          You had to watch the entire 60 minutes episode. They've been collecting information for a long time to get this legal action going.

          But they have more than enough evidence now.

          Originally posted by Marcus1124 View Post
          If they are doing it in a non-collusive manner, that is their right. If these drugs are so damn essential (and non-substitutable) people should clearly be valuing them highly.
          They were working together, cooperating and communicating about raising prices sky high at the same time(s).

          מה מכילות החדשות?


          • #6
            Originally posted by Marcus1124 View Post

            If they are colluding in jacking up prices, that would be a cause of action. If they are doing it in a non-collusive manner, that is their right. If these drugs are so damn essential (and non-substitutable) people should clearly be valuing them highly.
            There is also that pesky collusion between domestic pharma companies and the politicians themselves, on both sides of the aisle: Link with lefty bias attacking a righty politician:
            But American senior citizens had begun taking bus trips to Canada to buy their medication, and, in a far more ominous development for the drug companies, members of Congress were talking about making it legal to import cheaper prescription drugs from across the border. PhRMA wanted Giuliani Partners to prepare a report on the safety of these practices.
            Rudy Giuliani, along with most righty politicians, was/is a staunch defender of safe (and/or domestically produced) drugs and/or prescription drug manufacturers who best compensate politicians.
            https://www.thenation.com/article/cashing-catastrophe/

            ...Or link with lefty bias, attacking a lefty who acts like a righty on this issue:
            Booker has deservedly taken a lot of heat for voting against an amendment sponsored by Senators Amy Klobuchar and Bernie Sanders that would have created a reserve fund to allow Americans to buy cheap prescription drugs from Canada. Booker was far from alone—12 other Democrats, including Mark Warner and Patty Murray, voted against the bill—but Booker has received the bulk of the attention, partly because of his profile (dude is definitely running in 2020) and partly because Booker often casts himself as a progressive.
            https://newrepublic.com/minutes/1398...s-doesnt-track

            I tried but failed to find a righty link that attacked a politician for the questionable practice of shutting down all Canadian prescription access, as one step to open up the market and keep prices lower. That being said, I commend both you and CT for being two non-liberal sources that face up to the issue of overpriced prescription drugs.

            מה מכילות החדשות?


            • #7
              Originally posted by radcentr View Post
              There is also that pesky collusion between domestic pharma companies and the politicians themselves, on both sides of the aisle: Link with lefty bias attacking a righty politician:
              Rudy Giuliani, along with most righty politicians, was/is a staunch defender of safe (and/or domestically produced) drugs and/or prescription drug manufacturers who best compensate politicians.
              https://www.thenation.com/article/cashing-catastrophe/

              ...Or link with lefty bias, attacking a lefty who acts like a righty on this issue:
              https://newrepublic.com/minutes/1398...s-doesnt-track

              I tried but failed to find a righty link that attacked a politician for the questionable practice of shutting down all Canadian prescription access, as one step to open up the market and keep prices lower. That being said, I commend both you and CT for being two non-liberal sources that face up to the issue of overpriced prescription drugs.
              Overpriced? Why would anyone pay more than something was worth to them? Good luck answering that question without looking like a fool.

              מה מכילות החדשות?


              • #8
                Originally posted by Marcus1124 View Post

                Overpriced? Why would anyone pay more than something was worth to them? Good luck answering that question without looking like a fool.
                Here ya go:
                Diabetic ketoacidosis is how Nicole Smith-Holt lost her son. Three days before his payday. Because he couldn't afford his insulin.
                https://www.npr.org/sections/health-...thal-rationing

                They need it to live, but they can't afford it, so they die. That answers your question. Relatively free markets will make certain that some of us will die because we can't afford the most cutting edge (and expensive) medical treatment. I understand that, because research and development for most of these latest treatments ain't cheap.

                Now, your turn to answer a question: Why is insulin, a treatment that was developed several decades ago, now much less affordable?

                מה מכילות החדשות?


                • #9
                  Originally posted by radcentr View Post
                  Here ya go:

                  https://www.npr.org/sections/health-...thal-rationing

                  They need it to live, but they can't afford it, so they die. That answers your question. Relatively free markets will make certain that some of us will die because we can't afford the most cutting edge (and expensive) medical treatment. I understand that, because research and development for most of these latest treatments ain't cheap.

                  Now, your turn to answer a question: Why is insulin, a treatment that was developed several decades ago, now much less affordable?
                  That is the subject of the thread in general.

                  The 60 minutes episode that started the thread was about drug companies working together to inflate drug prices for consumers to make more $ for themselves.

                  And that is what they showed is being done.

                  Some of these people need these products to stay alive, the manufacturers have them over a barrel.

                  There is NO reason insulin should have gone higher in price, none at all. Somebody wanted more $$



                  Payment incentives, outdated patent regulations, and other factors have allowed drugmakers to increase the price of insulin by nearly 300% from 2002 to 2013, according to a bipartisan congressional report released Thursday.

                  Reed and DeGette found the average price of insulin nearly doubled in 2012, even after insulin prices had increased significantly over the prior decade.

                  Reed and DeGette in the report wrote, "[M]arket failures have allowed a handful of players along the insulin distribution pipeline from manufacturers to health insurers to capitalize on their strategic positions, driving up the price of insulin and minimizing competition."

                  According to the investigation, insulin prices have increased over the past few years because "the insulin market has an influx of upward price pressures without offsetting downward forces." Reed and DeGette found "the structure of the insulin delivery and payment pathways create several incentives for entities along these pathways to artificially raise the price of insulin."


                  Reed and DeGette in the report also note a lack of pricing transparency has contributed to the increase in the cost of insulin. 11 policy recommendations to bring down insulin prices

                  Reed and DeGette in the report recommended 11 policy proposals to address the rising cost of insulin:

                  ...

                  https://www.advisory.com/daily-brief...insulin-prices

                  מה מכילות החדשות?


                  • #10
                    Originally posted by Captain Trips View Post

                    That is the subject of the thread in general.

                    The 60 minutes episode that started the thread was about drug companies working together to inflate drug prices for consumers to make more $ for themselves.

                    And that is what they showed is being done.

                    Some of these people need these products to stay alive, the manufacturers have them over a barrel.

                    There is NO reason insulin should have gone higher in price, none at all. Somebody wanted more $$



                    Payment incentives, outdated patent regulations, and other factors have allowed drugmakers to increase the price of insulin by nearly 300% from 2002 to 2013, according to a bipartisan congressional report released Thursday.

                    Reed and DeGette found the average price of insulin nearly doubled in 2012, even after insulin prices had increased significantly over the prior decade.

                    Reed and DeGette in the report wrote, "[M]arket failures have allowed a handful of players along the insulin distribution pipeline from manufacturers to health insurers to capitalize on their strategic positions, driving up the price of insulin and minimizing competition."

                    According to the investigation, insulin prices have increased over the past few years because "the insulin market has an influx of upward price pressures without offsetting downward forces." Reed and DeGette found "the structure of the insulin delivery and payment pathways create several incentives for entities along these pathways to artificially raise the price of insulin."


                    Reed and DeGette in the report also note a lack of pricing transparency has contributed to the increase in the cost of insulin. 11 policy recommendations to bring down insulin prices

                    Reed and DeGette in the report recommended 11 policy proposals to address the rising cost of insulin:

                    ...

                    https://www.advisory.com/daily-brief...insulin-prices
                    Great point. I'll try to go one better than the 11 policy proposals to address the rising cost of insulin, and boil it down to one policy:
                    -Immediately open up the market cross border, allowing importation from Canada. If Canada is caught up in the same "mystery market" that grips the US pharmaceutical industry, see what Europe can do. The politicians who always complained that the gummint can't do anything right -and somehow gets it even more wrong when it comes to the economy- need to walk the walk. Force open the market when tycoons stop behaving like capitalists in a free market. If they have a lock on our domestic market, break them with the international market. It's just that simple.

                    מה מכילות החדשות?


                    • #11
                      Originally posted by radcentr View Post
                      Great point. I'll try to go one better than the 11 policy proposals to address the rising cost of insulin, and boil it down to one policy:
                      -Immediately open up the market cross border, allowing importation from Canada. If Canada is caught up in the same "mystery market" that grips the US pharmaceutical industry, see what Europe can do. The politicians who always complained that the gummint can't do anything right -and somehow gets it even more wrong when it comes to the economy- need to walk the walk. Force open the market when tycoons stop behaving like capitalists in a free market. If they have a lock on our domestic market, break them with the international market. It's just that simple.
                      Sounds good to me.

                      The govt. won't want this - they'll lose too much $

                      מה מכילות החדשות?


                      • #12
                        There's been reporting that many Democrat Senators are in the pockets of Big Pharma, so expecting little action from there for honest pricing on drugs.

                        However,
                        Trump Administration Throws Down Gauntlet On Drug Prices - Forbes
                        https://www.forbes.com/.../trump-administration-throws-down-gauntlet-on-drug-price...
                        Jan 16, 2019 - Much to the annoyance of the Trump Administration the drug industry keeps raising list prices of drugs. The Trump Administration has made it ...
                        Missing: actual ‎| ‎Must include: ‎actual


                        At least someone is doing something about it.

                        מה מכילות החדשות?


                        • #13
                          Originally posted by eohrnberger View Post
                          There's been reporting that many Democrat Senators are in the pockets of Big Pharma, so expecting little action from there for honest pricing on drugs.

                          However,
                          Trump Administration Throws Down Gauntlet On Drug Prices - Forbes
                          https://www.forbes.com/.../trump-administration-throws-down-gauntlet-on-drug-price...
                          Jan 16, 2019 - Much to the annoyance of the Trump Administration the drug industry keeps raising list prices of drugs. The Trump Administration has made it ...
                          Missing: actual ‎| ‎Must include: ‎actual


                          At least someone is doing something about it.
                          Post #6 had already noted the corruption on both sides of the aisle. But there is good news in the linked article you posted, that both sides are indeed moving to "adjust" the bad actors who distort capitalist and other free market operating principles. One quote from the Forbes article:
                          Late last week Senator Bernie Sanders (I-VT) and Representative Elijah Cummings (D-MD) introduced a bill aimed at containing drug prices. This bill has a greater reach than the Trump administration's Medicare Part B pricing proposal. A much larger set of drugs would be subject to international price indexing controls under the proposed legislation. Also, the bill would allow the Secretary of HHS to negotiate Medicare Part D prices, and permit U.S. residents to purchase medicines directly from Canada and other countries. The latter initiative is gaining traction, as Senators Grassley (R-IA) and Klobuchar (D-MN) announced last week the introduction of a bill to allow importation of prescription drugs from approved pharmacies in Canada.
                          Sanders and other lefties who didn't go down the rabbit hole will be using the ancient art of compromise to get this done. Looks like some Republicans will also re-visit this technique that was little used in the recent past.

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                          • #14
                            Originally posted by radcentr View Post
                            Post #6 had already noted the corruption on both sides of the aisle. But there is good news in the linked article you posted, that both sides are indeed moving to "adjust" the bad actors who distort capitalist and other free market operating principles. One quote from the Forbes article:

                            Sanders and other lefties who didn't go down the rabbit hole will be using the ancient art of compromise to get this done. Looks like some Republicans will also re-visit this technique that was little used in the recent past.
                            Fair. Imagine that. Legislative compromise in pursuit of the best interests of the electorate. Can't quite recall, but I don't think I've seen that in a long time. Hope it starts a continuing trend.

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