Big Pharma Raises Prices 10% Even As It Promises To Cut Nation's Drug Costs

New York Times:

Even as drug makers promise to support Washington's health care overhaul by shaving $8 billion a year off the nation's drug costs after the legislation takes effect, the industry has been raising its prices at the fastest rate in years.

Read the whole story: New York Times

Comments

[kdogs]

Alot of dealers of drugs will do that once they have a captive audience http://soberliving.com

[old timer 37]

The leaders of big Pharma are all richly paid princes, like those who run big financial institutions, health insurance companies, credit card companies (who recently raised their interest rates), auto makers and all other big corporations. These princes rose up the corporate ladder by kissing fannies rather than competing in open markets, and they will arrogantly stiff the public for as long as we let them get away with it.

A sad cultural fact is that they and we relate salary and wealth to competence; a highly misleading assumption.

There are very few decent or competent people this collection of executive royalty.
Large corporations don't promote the most competent people they promote effective bureaucrats who are able to establish "reputations". Leaders of smaller corporations are constantly tested by market forces and the weaker ones weeded out; a reason mediocre leaders are attracted to large corporations and weak ones to mammoth corporations.

Where free markets have been lost and executives control their boards, and big Pharma is one of those cases, the top executives milk the system for their own personal benefit.

Big Pharma and the financial behemoths must be broken up and forced to compete or we'll continue to see money gushing to the top while it is pumped out of the middle class. Economic data clearly shows that the "trickle down" theory was and is a bunch of hooey.

There are more detailed posts about this on my blog, which can be found in my Huffington Post profile.

[CraigWilloughby]

Well said. I often wonder if Pharma is one of those "too big to fail" industries. The sad thing is that they literally are allowed to get away with murder, and no one does anything about it.

From what I understand, there are 2 pharmaceutical lobbyists for every senator in congress. Makes you wonder who is actually running this country.

[Philclock]

This is exactly why insurance companies should be reimbursing us, not Big Pharma or anybody else.

And why we need open competition to buy insurance, lots of options without Big Government restrictions.

Leave Government to set up insurance pooling, like for autos, that cover pre-existing conditions, coverage for the needy or those that slip through the cracks, etc.

Shredding all House & Senate Bills, start over with a tenth of all those government mandates, get a truly bi-partisan bill done, after Dems take their shellacking in 2010.

[isis]

My insurance company is now making us pay a $100 pharmacy deductible per person too. Any they are saying that for renewable prescriptions we can't use the local pharmacy but must use a big chain.

[MarsAmbassador]

But Republicans have repeatedly said it's the GOVERNMENT that wants to get between you and your doctor, dictate your level of coverage and tell you where to go! The insurance companies and Big Business are your friend, remember? They're the ones who will have your best interests in mind, not their profit margins. Remember?

[WebSpin]

You'll be shocked to learn this but my grocery store expects me to pay 100% on everything, EVERYTHING! I buy. Those bastards!!! They know I'll die without their products. It's heartless Republicanism I tell you! Once we win the health care debate lets fight the real fight, Free food is a right! Housing is a right! Transportation is a right!

[MossyOak]

Okay, taking your adorable rant to its logical conclusion... what if your grocery store told you, "Sorry, you can't buy food. You have "chronic eating disease." That's what insurance companies do to anyone who has had a disease.

[rpmcestmoi]

Oh, my goodness, I am shocked!!!
I thought the drug companies existed to do good things, make a reasonable profit, and sleep well at night.
Not so, I guess.
Just rapacious m-fs like most businesses.

[BabblingBrooks]

Al Gore’s running mate in 2000, Lieberman backed Republican John McCain for president in 2008. While Lieberman still aligns himself with the Democratic caucus, his threat to block health legislation “as a matter of conscience” shows a growing willingness and confidence to stand on his own, analysts say.

“I don’t think he thinks of himself as a partisan any more,” said Howard L. Reiter, professor emeritus of political science at the University of Connecticut in Storrs, in an interview. “I don’t think he sees it as turning his back on his party. He feels liberated by what happened to him in 2006.”

Donald W. Greenberg, associate professor of politics at Fairfield University in Fairfield, Connecticut, said Democrats need Lieberman a lot more than he needs them.

‘Believes Sincerely’

“He feels now that he’s secure,” Greenberg said in an interview. “His history has always been as a social liberal. There are lots of issues where he might bolt the party, but you wouldn’t think this is the one. I do think he believes sincerely that this is very dangerous for the economy.”
--Bloomberg

And Lieberman is wrong: This is NOT "very dangerous for the economy." It would be FATAL FOR THE ECONOMY AND FOR THE FREEDOM OF THE AMERICAN CITIZEN.

[AbFabFan]

Must see...

Real Medicare for all video and petition link...

http://www.peaceteam.net/action/pnum1020.php

[BabblingBrooks]

These are drug manufacturers, not Big Pharma.

Without the development of new drugs, we would be in the medical Dark Ages.

It costs, per government bureaucratic red tape, $500,000,000 to develop and bring to market a new drug. Who is going to pay for that? You think government red tape is going to go away?

[BunnyX]

Nope, wrong. Almost all of the good new drugs are coming out of universities and government-funded research. All the drug manufacturers are doing is trying desperately to repackage existing drugs to keep their monopolies going when the patent runs out. They have their bottom line at heart, not the public interest.

[isis]

So true. The universities do the basic work.

[zigzag1]

Big Pharma spends twice as much for advertising, like the viagra ads and goodies, trips, and "seminars at the golf resort" for doctors than for research and development.
Through NIH and Universities supported by taxes, the majority of new drugs are developed and licensed to drug companies for pennies on the dollar and to thank us, they charge us the highest prices of any country. They get a 17 year exclusive patent on the drug, raise the prices yearly, and with creative new patents for manufacturing processes, often extend the exclusive patent life. It's a racket that would make Bernie Madoff proud.

[graymatters]

OK big Pharma getting a deal when the government monopoly runs your health care, so you will be forced to use their drugs.

OK AARP gets millions from this....Why?, because they sell GAP insurance which works when Medicare doesn't cover them.. SOOOOO when they cut Medicare, who makes MILLIONS?????? That's right AARP.

OK no tort reform, in fact with this bill you can sue any doctor for ANYTHING you want even if you make it up.

So how does this help the care I get when I go to the doctor or make my health insurance cheaper?

Anyone been to the post office or DMV lately? Or how about the VA hospital? That is the future of your health care. I thought liberals were all about the little guy???????????? Guess not

[BunnyX]

Yes, I have been the post office, and I can't think of a better example of exactly how good the government can do in running something. For 44 cents they will take a letter clear across the country - that's not just a great deal, it's an amazing deal.

[zigzag1]

Are you on medicare, graymatters? 5% middleman fee versus 30%. Good basic medical care with no exclusion for pre-existing conditions, no maximum lifetime benefit, and no cancellation because you actually needed the benefit. The VA system used to be an outstanding system before the flag waving, support the troops folk on the right began slashing their budget in an effort to push it into privatization. The monopolistic health care insurance racket has never cured a disease, discovered a new treatment, or lanced a boil on someone's arse but drag 30% off the top of every healthcare dollar. They have an exemption from price fixing and can legally fix prices, divide up the territories as they see fit and cancel anyone who makes a claim.

[RevRayGreen]

yet the commercial price of marijuana remains unchanged in over 20 years in many parts of the USA.

[MOCONSERVATIVE]

until the govt gets their hands on it....

[huff-fan]

The house and senate bills are insurance reform. Pharma has the highest profits of any industry. Is it any surprise that Obama struck a deal with them at the get go? Insurance reform has enough adversaries without Pharma.
They are despicable. They put profits before people letting people die before they disclose the data on drug related deaths. Embrel and Humira are 1,500 per month. These drugs cause cancer, stroke, blood disorder, fatal infections, tuberculosis, heart attack, etc. These profits go into the pockets of their ceos and those omnipresent sales reps in clinic waiting rooms, yet the tea baggers tell you profits are good and necessary for innovation. Do these sales reps influence the doctor's perspective on the effectiveness of these drugs? Do they downplay the potential side effects? Do doctors receive kickbacks for prescribing these drugs? Hmm?

[MOCONSERVATIVE]

Obama is quite the negotiator, huh?

[Bloggerrogr]

And we are certain that YOU could do better, right?

It is to laugh.

FWIW

[MOCONSERVATIVE]

I would have been smart enough and honest enough to put an interim price freeze in the agreement, as anyone with basic negotiating skills would have done.

[OpposingViewpoint]

Better than what my friend? We have no idea what was negotiated and agreed to due to lack of transparency that was promised. In that arena, I KNOW I could have done better, I KNOW I WOULD have done better.

Best regards
OV

[OpposingViewpoint]

Big Pharm:

But we must buy some more legislators and pay those we already own more and more money each year. What is wrong with you little folks down there on Main Street? Do you think we can buy Washington for pennies?

[aonemandog]

Cancel white house's back door deal with Pharma and instead, start telling Pharma what Medicare and other Government -run health agencies are willing to pay for their drugs. I am sure that America is the most-pill-popping country on earth and our Government could negotiate huge discounts; providing the get rid of the people taking bribes and grow some negotiating balls. If they won't negotiate, all us to buy drugs from Canada or Mexico. Something extremely corrupt going on when Mexico and Canada can obtain and sell the same drugs that Americans are being gouged for.

[AlexNYC]

Wimpy: "I will gladly pay you back Tuesday for a hamburger today'".