Moneymoney

Thu Jan 3, 2019, 07:07 PM

Big Pharma ushers in new year by raising prices of more than 1,000 drugs

Drugmakers are starting 2019 with a slew of price hikes, affecting more than 1,000 medications.

The average increase amounts to about 6 percent, said Michael Rea, founder and CEO of RX Savings Solutions, which sells software that helps employers and health plans analyze drug prices. Among the best-known drugs getting costlier are the opioid OxyContin, with a 9.5 percent jump, and the blood thinner Pradaxa, up 8 percent.

Those increases underscore the challenges facing consumers and health care plans as drug costs far outpace the rate of inflation or wage growth. Americans spent $535 billion on prescription drugs last year, an increase of 50 percent since 2010, according to one estimate.

"A 9 percent increase isn't just over inflation -- it's four times inflation," Rea noted. "No matter what, that effect is felt by consumers, by payers and the solvency of public and private health plans."

https://www.wivb.com/news/national/big-pharma-ushers-in-new-year-by-raising-prices-of-more-than-1-000-drugs/1683931273

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Reply Big Pharma ushers in new year by raising prices of more than 1,000 drugs (Original post)
uncledad Jan 2019 OP
nolidad Jan 2019 #1
uncledad Jan 2019 #2
nolidad Jan 2019 #4
uncledad Jan 2019 #6
nolidad Jan 2019 #8
foia Jan 2019 #3
nolidad Jan 2019 #5
Badsamm Jan 2019 #7
Hades Jan 2019 #9
uncledad Jan 2019 #10
Hades Jan 2019 #11
uncledad Jan 2019 #12

Response to uncledad (Original post)

Thu Jan 3, 2019, 07:18 PM

1. People are ignorant as to the cost of getting drugs to the market in America.

The average drug costs between 1 and 1.5 billion to get to market before the first pill is sold at a drugstore!

Then there are all the lawsuits that follow because people develop some of the side effects they were warned they could develop!

Then the companies only have 17 years to make a profit on these drugs before the patents expire and the generics take over most of the market!

Pharma as a whole works on between 8-9% profit! Hardly what one would call being greedy like microsoft which hovers between 60-70%

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Response to nolidad (Reply #1)

Thu Jan 3, 2019, 07:23 PM

2. What got me was...

Americans spent $535 billion on prescription drugs last year, an increase of 50 percent since 2010, according to one estimate.

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Response to uncledad (Reply #2)

Fri Jan 4, 2019, 06:22 PM

4. Well merdical science is medicating far more now than they did even 2010

so the amount spent on drugs of course is going to rise.

I am on 7 Rx's due to my heart, blood pressure and neurological damage and chronic acute arthritis

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Response to nolidad (Reply #4)

Fri Jan 4, 2019, 07:25 PM

6. Please take care of yourself.

In the mean time, if you so desire, take a read of this. I think it's well done.

https://www.theamericanconservative.com/dreher/learning-from-the-spanish-civil-war/

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Response to uncledad (Reply #6)

Sun Jan 6, 2019, 09:33 AM

8. Thank You

I believe I understand the points you are trying ot make by linking this.

I speak in general terms here. We can find instances of good and bad in every industry. While all industry goal is to be profitable and survive, big pharma included, they do good! The profit margins they work with are well in the middle of % for all industries. So generally speaking- as an industry, I cannot say big pharma is a money grubbing industry. If I did then the software industry is a megaladon with its 60=70% profit margins.

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Response to nolidad (Reply #1)

Thu Jan 3, 2019, 08:56 PM

3. Drug companies also spend hundreds of millions on R&D for drugs that never make it to market

Because they don't make it through clinical trials or the NDA process.

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Response to foia (Reply #3)

Fri Jan 4, 2019, 06:26 PM

5. It is sad that most people are not capable of looking at the whole picture.

There are villains in the pharma industry as well. Like that bozo who overnight increased the price of epi-pens by 600%

But for the most part Pharma is a decent industry that does great ground breaking and life saving work!

Progressives scream if a company makes $12 billion after taxes. But they also had sales of $100 billion.

I think the govt. should find a way to work with people who need orphan drugs! These are by nature prohibitively expensive because they are only for a very small group.

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Response to uncledad (Original post)

Sat Jan 5, 2019, 12:35 AM

7. And the makets are up 3/4% because old people are going back to work.

So many suckers

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Response to uncledad (Original post)

Tue Jan 8, 2019, 12:31 AM

9. Why bother raising the price on a pain killer?

Doctors are so terrified to give out prescriptions for pain killers anymore, that the sales for them must be down by a shitload.

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Response to Hades (Reply #9)

Tue Jan 8, 2019, 10:35 AM

10. Profit margins. $ is $.

Friend had his knee replaced and had no problem with getting pain meds.

He still has a script of more if he needs them. He didn't use what they gave him after rehab.

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Response to uncledad (Reply #10)

Tue Jan 8, 2019, 12:13 PM

11. Yes but...

...for the most part, the crack down on opioids has led to fewer prescriptions. Fewer prescriptions equals fewer sales. I would think the drug companies would be against the crack down so they can sell more product.

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Response to Hades (Reply #11)

Tue Jan 8, 2019, 12:29 PM

12. The drug companies still make $ billions.

American Pain was shut down in an FBI raid and its owners were imprisoned. The Florida legislature passed laws to kill off other pill mills and curtail the largely unfettered prescription of opioids. Deaths from oxycodone in Florida dropped 69% in the five years from 2010.

The National Institute on Drug Abuse declared a heroin epidemic in south Florida two years ago.

The Journal of the American Medical Association Psychiatry noted a shift toward greater use by white people from affluent backgrounds and said that most were drawn to heroin after becoming addicted to opioid painkillers.

The 2014 study reported that 75% of those on heroin said they came to it via prescription opioids and noted a rise in heroin use as prescription opioid use decreased.

https://www.theguardian.com/science/2016/may/25/opioid-epidemic-prescription-painkillers-heroin-addiction

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