If you like watching a dumpster fire, click here:
https://oversight.house.gov/hearing/reviewing-rising-price-epipens-2/
What a crap show. The house is absolutely grilling the Mylan CEO and she is not holding her own very well at all. She wasn't prepared and didn't come with information that the committee requested before she showed up. She can't answer a question without going off topic.
Why doesn't she get her Senator Dad Joe Manchin (D-W.Va.) to help her out here?
Dr. Hess wrote: Why doesn't she get her Senator Dad Joe Manchin (D-W.Va.) to help her out here?
Might as well, her mom already helped her get their products into schools:
http://www.usatoday.com/story/news/politics/2016/09/20/family-matters-epipens-had-help-getting-schools-manchin-bresch/90435218/http://www.usatoday.com/story/news/politics/2016/09/20/family-matters-epipens-had-help-getting-schools-manchin-bresch/90435218/
(edit)
And one of the committee members just brought up Bresch's mom getting the EpiPens into the schools. And a pretty damning statement about how Mylan would sell discounted EpiPens to a school but only if they signed an exclusive supplier contract. Boom goes the dynamite.
what a fustercluck
As I explained to a young man 10 years ago. This is how it works today: You come up with an idea, like, say, a shatter proof coating for eyeglasses, which you patent. Then you piece off the congress critters about 10-20 large each (probably less) to pass legislation that all glasses sold to children have to use your coating, you know, to save their eyes... For The Children. They pass the laws, you can then crank up the price and everyone is forced to buy your stuff.
It's like we're living in an Ann Rand novel.
I'm enjoying watching both Republican and Democrat absolutely tear Bresch apart. She absolutely will not answer how much profit they make on each on EpiPen, nor how much they made on it each year as they jacked up prices. She has no idea why people are upset either, completely out of touch.
This problem with disappear regardless just like other pharma companies that have done it
They're far from the only ones doing things like this, but I'm betting they end up eating E36 M3 on the whole thing. I anticipate a very low buck alternative will be approved and they lose their virtual monopoly and pretty much all profit or they get. I'd also be surprised if she survives this. They're a publicly traded company and she's doing a terrible job at the help. There are other connected people she can be replaced with.
I recall reading that production costs were a few dollars. Drug costs are a few cents.
Really, is it that hard to have a syringe, vial of epinephrine and an alcohol swab? Costs: A buck? These schools are supposed to have nurses, right? Hopefully someone showed them how to stick a needle in a kid. It's not hard and everyone should know how to do it.
Who's to say what a company can charge for a product?
If you make a hammer holder for a Miata and sell it for $25,000, the government gets to tell you you can't?
Yes, I get the immorality of it all, but that is how the free market works.
mazdeuce wrote: They're far from the only ones doing things like this, but I'm betting they end up eating E36 M3 on the whole thing. I anticipate a very low buck alternative will be approved and they lose their virtual monopoly and pretty much all profit or they get. I'd also be surprised if she survives this. They're a publicly traded company and she's doing a terrible job at the help. There are other connected people she can be replaced with.
I saw a story earlier today that a group has already come up with Epipen alternative that would cost $30ish.
This is doing a great job of making everyone forget about Schkreli or whatever his name was, who just had is 15 minutes for doing exactly the same thing. I'd love to see all these people made to do duty as test subjects.
The easiest way to fix this little problem is to end all patenting on medicines and pharmaceuticals, immediately, without exceptions. Everybody wins except these dickbags, and the politicians they buy. But breach that idea in political discussion and everybody starts screaming...
My friends, Mylan is not a problem, it's merely a symptom of a problem.
The problem is that the wealthy rule America. Not the President, not the Congress, but the wealthy.
This is the reason that it doesn't matter if Trump or Clinton (or Johnson or Stein) win the Presidential Election. Regardless, the wealthy will continue to rule the country.
In order to keep control, however, every once in a while the wealthy need to throw one of their own under the bus. This is for the purpose of making the common folk believe that the government is out to help and protect them.
Mind you, even if the CEOs of Mylan or Wells Fargo (this week) are forced to resign, it will be with a huge compensation package, so they will continue to be wealthy.
Americans seem to keep falling for the sideshow. The wealthy aren't stupid. Their plan is working perfectly.
aircooled wrote: Who's to say what a company can charge for a product? If you make a hammer holder for a Miata and sell it for $25,000, the government gets to tell you you can't? Yes, I get the immorality of it all, but that is how the free market works.
While I completely agree with you, unfortunately, we don't have a free market. We have crony capitalism, which is not free and results in bullE36 M3 like this.
Jay wrote: The easiest way to fix this little problem is to end all patenting on medicines and pharmaceuticals, immediately, without exceptions. Everybody wins except these dickbags, and the politicians they buy.
Everybody wins except the companies that invest in developing drugs and medicines and the people who work for them, you mean.
Dr. Hess wrote: I recall reading that production costs were a few dollars. Drug costs are a few cents. Really, is it that hard to have a syringe, vial of epinephrine and an alcohol swab? Costs: A buck? These schools are supposed to have nurses, right? Hopefully someone showed them how to stick a needle in a kid. It's not hard and everyone should know how to do it.
hahahahahahaha... nurse cost a whole lot more.... use to be one nurse for about 800 students... there are whole school systems without a nurse!!!
Duke wrote: While I completely agree with you, unfortunately, we don't *have* a free market. We have crony capitalism, which is *not* free and results in bullE36 M3 like this.Jay wrote: The easiest way to fix this little problem is to end all patenting on medicines and pharmaceuticals, immediately, without exceptions. Everybody wins except these dickbags, and the politicians they buy.Everybody wins except the companies that invest in developing drugs and medicines and the people who work for them, you mean.
I am pretty sure, this is a straight up supply and demand situation. (e.g. if there was another product available this would NOT be happening). Please explain your reasoning.
Regarding the "no patents" thing: I wouldn't worry about the Pharma workers, this would effectively eliminate the creation of anything but the simplest of drugs. E.g. No way any company would even attempt to develop something like a cancer drug (super expensive to develop / test). Of course, the government could supply all the development money....
In reply to aircooled:
The FDA does t have to approve a hammer. Which is why tool company B will always under cut the profit from company A's inflated price until there is no more profit margin for further cuts. FDA in this case means no company B.
Don't like the cost? Don't buy the product. What did people do before these were available? How did humanity survive before 2004?
Well.... some of them quite literally died.
This product is effectively an emergency tool to help you get to the hospital. It's novelty is that it can pretty much be used by anyone, so you don't have to wait for the ambulance. BTW, it's the delivery mechanism (the pen) that is the important part here, not the medicine (which is common and cheap)
MDJeepGuy wrote: Don't like the cost? Don't buy the product. What did people do before these were available? How did humanity survive before 2004?
we sometimes died. I have a severe allergy to nuts. I've had to rush to the hospital due to my throat closing. When you're panicking cause you can't breathe.. It makes it hard to do much. I'm not sure I could draw a syringe if I had to.. luckily I've never had to.
No.. The epipen is nice and easy to use, but let me tell you the form factor stinks. It's freaking giant and I've carried the damn things all over Europe and Asia. Someone has to be able to come up with something better..
aircooled wrote: Of course, the government could supply all the development money....
We(government) already pay 1/3 of the total spend now. about 60% is private funding...
Yes, many initial discoveries do come from Universities and other government funded efforts, but there is still a HUGE amount of money and time that needs to be invested in development and trials.
It's a bit like coming up with the theory (and a simple example) of a turbo charger, then having to actually manufacture one and make it work in the real world.
Change the patent expiration on drug delivery devices. I'd think they are pretty easy to review and get to market, give the original patent holder a few years to make back the R&D costs and then boom, let them get copied.
Sorry, you shouldn't be able to hold a patent on a glorified syringe for 20 years and a few billion.
If I remember correctly, Mylan didn't even develop the EpiPen, it was Merck back in the 80's. Merck made such a great product so inexpensive that it flooded the market, and competitors didn't think they could make any money on it. Mylan just bought it and jacked up the price. "Recouping R&D and Approval Costs" my ass.
In fact, in today's technological and medical world, you shouldn't able to hold a patent on anything involving medical science for 20 years. I'd say 5 would make it competitive and 10 would give a you a huge head start on competition.
itsarebuild wrote: In reply to aircooled: The FDA does t have to approve a hammer. Which is why tool company B will always under cut the profit from company A's inflated price until there is no more profit margin for further cuts. FDA in this case means no company B.
Possibly. I would be curious as to the method of bribing / influencing the FDA though. It's not like you can make donations to their re-election campaigns. Job promises? (kind of like the FDC and the banks)
I have to say, there is BIG money in exactly when some of these things get approved (a few months advantage can be killer). I also find some of the products of somewhat dubious value and am amazed that the government / insurance actually pay for them. E.g. late stage cancer drugs that will only extend your life for a few months. Nice, but 10 of thousands a month! I really don't see that as something an insurance company would be terribly enthusiastic about paying!
aircooled wrote: Nice, but 10 of thousands a month! I really don't see that as something an insurance company would be terribly enthusiastic about paying!
I remember when those death panels were highly scrutinized and used as the reason why universal health care was dangerous to American seniors.
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