General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMylan CEO repeated the mantra that they have to recoup expensive research cost.
Research? Your products are generic! The cost of research has been recouped several times over by the original manufacturers.
Raster
(20,998 posts)...by a GOP billionaire scumsucker to grotesquely inflate prices so his hedge fund can cover their asses.
http://www.thedailybeast.com/articles/2016/08/24/top-trump-backer-bets-big-on-overpriced-epipens.html
The recent price hike for lifesaving EpiPens is a nightmare for the people who need them and now cant afford them. But one of Donald Trumps top backers is hoping those EpiPens can become a financial bonanza. Hes bet hundreds of millions of dollars on the company that makes them.
As a result, hes connected to a headline-nabbing controversy that involves a storied hedge fund, a powerful pharmaceutical company, andnaturallyboth presidential candidates. As if 2016 wasnt interesting enough.
John Paulson is a billionaire, and he manages the Paulson & Co. hedge fund. Hes a generous supporter of Republican politicianshe gave a cool $500,000 to the Republican Governors Association in 2014, for instanceand hes one of the most powerful hedge fund guys to jump on the Trump Train. In June, he joined Trump at a $50,000-per-seat fundraiser at New Yorks tony Le Cirque restaurant.
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I truly do hope guillotines come back in fashion...
misterhighwasted
(9,148 posts)What research is Mylan talking about here?
Raster
(20,998 posts)...standard rethuglican rich-guy operating procedure.
misterhighwasted
(9,148 posts)Martin Shkreli .
Not the best defender for repairing ones'image.
http://media.vanityfair.com/photos/5674304cc3098a7c3d8e2a2e/master/w_1536,c_limit/martin-shkreli-turing-pharmaceuticals-arrest.jpg
winetourdriver
(196 posts)Yes I understand companies wanting to recoup their research related costs, but they don't have to do it in fifteen minutes.
napi21
(45,806 posts)They bought it. Cute excuse for gouging, but it's a damn lie! Also they said they never expected individuals to pay full price. Insurance companies would eat most of the costs. Well, that's BS TOO! That's one of the reasons ins. costs so much!
I believe the only way to insure fairness in our medical car is to nationalize both pharmaceuticals ABD health care coverage for everyone. Doing so wouldn't harm MOST of their employees, they'd just continue to do their job as usual. The ones that would be harmed would be the damn greedy heads of both businesses!
Let's just DO IT!
jmowreader
(50,557 posts)Scenario: A pleasant Monday morning at Mylan Pharmaceuticals.
"Good morning, ladies and gentlemen. Frank, can you tell us about the new product we're offering?"
'Certainly. This is an EpiPen.' (holds one up) 'It's used in the emergency management of anaphylaxis. If you don't have one of these and use it right away you'll die before they can get you to the hospital. The company we bought this from ran three shifts and sold all they could make. They expire 12 months after manufacture so there's a lifetime ongoing purchase commitment - and most people buy several of them at once so it'll be there the second you need it. You buy the drug in it by the railroad tank car, and pay more to rent the car than you do for the drug. It saves thousands of lives a year and the previous owner didn't buy one ad for it the entire time they had it - anyone who needs this, already knows about it. It's a wonderful product, and we should be proud to make it.'
"Let's raise the price!"
'Of course. But how much?'
"How about raising the price 1,000 percent?"
'We will have to consult our in-house counsel, Mr. Mason. What say ye, Perry?'
"If we raise the price on such a common and necessary drug by an order of magnitude, we will be pilloried. Someone will break into this plant at high noon, kidnap an executive, tie him to the back bumper of a car, and drag him down the road until his ass gets sanded off as a warning to the others."
'I know! We'll give 'em Billy!'
(Billy speaks) "Now, just hold on. Why me?"
'You parked in my parking spot last week, and I'm still pissed about that.'
"It was raining last night - and why are you complaining? You don't even own a car, you stupid fuck!"
'Guys! Stop that! We cannot let Billy get dragged down the street behind a car.'
"Well, why the hell not?"
'Because we just can't, okay? Why don't we just raise the price 500 percent?'
"Five hundred percent isn't worth the bother. How about 700? No one will notice that!"
'Good. We're all agreed. Seven hundred percent it is.'
Two weeks later...after every news outlet in the world rips Mylan a new one over the increase...
"Oh Billy...where are ya pal, we need you..."
smirkymonkey
(63,221 posts)No research has been involved for a generic product that has been on the market for years and costs very little to produce.