Home Forums General Discussion Big Pharma Disgrace

This topic contains 6 replies, has 6 voices, and was last updated by  SJJ 1 year, 11 months ago.

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  • #453457
    richie
    Participant

    `Valeant Pharma has been under scrutiny lately and is even the subject of a Senate Investigation –Their modus operandi is to buy out a company and then dramatically increase the price of the meds sold by the former company –Why is this being mentioned –Valeant bought out PreCision Pharma whose subsidiary Onset made Minocin –THe current retail price of minocin brand is about $ 29.00 to 33.00 PER capsule –My last RX was recently filled for 180 capsules and my insurer paid over 6000. ——-Additionally accounting practices have been bought into question about Valeant –the stock has gone from 257 to currently 91.00 —Apparently –they will be paying the price for this practice which appears to be highly questionable to say the least —I usually tend to defend drug companies but this company goes beyond anything I have ever seen —I am just concerned about the future of branded minocin—Richie

    #453458
    jasregadoo
    Moderator

    Right there with you Richie, the whole thing is disgraceful. I’ve only been on AP since February, and my insurance won’t pay for brand Minocin. The first time I asked how much it cost it was $960 a month, which I could not afford. I asked again more recently, and it was close to $3,000 a month! Disgraceful. Reading ‘The New Arthritis Breakthrough’, they keep mentioning how affordable this drug is, and how important it is that we use brand name. So many of us cannot afford to even try the brand name. And this is an old drug. There is no reason for it, outside of obscene greed. Shame on the companies (I know Valeant is in trouble, but they are by no means the only company doing this crap) that are gouging insurance companies and patients. No wonder our insurance premiums keep going up so sharply.

    #453464
    Maz
    Keymaster

    The government needs to place price ceilings on drugs, as is done in Canada and other countries. I saw the Bloomberg article this morning, Richie, and unfortunately, as Jasregadoo mentions above, it’s not just Valeant. What seems to be happening on a wider scale is that drug companies are buying out other drug companies and consolidating to monopolize the market.

    http://www.bloomberg.com/news/articles/2015-11-04/u-s-senators-to-investigate-valeant-turing-on-drug-price-hikes

    http://www.cbsnews.com/news/turing-pharmaceuticals-ceo-martin-shkreli-defends-5000-percent-price-hike-on-daraprim-drug/

    http://www.slate.com/blogs/the_slatest/2015/09/22/martin_shkreli_price_gouging_the_hedge_fund_bro_pulled_drug_price_hike_scheme.html

    http://www.forbes.com/sites/matthewherper/2014/10/05/60-minutes-just-attacked-high-drug-prices-heres-what-you-should-know/

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    #453465
    lemons
    Participant

    Here in the UK we have a severe lack of AP doctors, but on the upside the drugs are very affordable. I don’t understand why they are so expensive in the US.
    For a three month supply of brand name minocycline, not a generic, the average cost on a private prescription is around £39. Doxycycline is even cheaper, a six month supply costs around £35.

    #453475
    richie
    Participant

    `Consolidation has always gone on in the pharma business —I am involved with many companies at the phase two or three level –it is always a goal for these small companies to be taken over upon successful trials –Larger companies very often go after these small companies to get their hands on the particular med —-I am interested in Valeant because they own the minocin brand now and apparently the way they conducted business was really to an extreme- not many other companies can match their approach !!!!!!!!!!!!!!!!No less a personality than Charlie Munger {Buffets partner} really tore into Valeant last March in very strong language –this coming from a noted gentleman .–richie

    #453478
    Lynne G.SD
    Participant
    #454531
    SJJ
    Participant

    so, what do we do in the meantime? What have you guys done? Just starting out and would greatly appreciate any experienced advice!

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