motonoggin Posted September 12, 2018 Share Posted September 12, 2018 Drug executive: It's a 'moral requirement' to charge patients the highest price In the category of saying the quiet parts out loud, consider this statement by Nirmal Mulye, the chief executive of drug company Nostrum Laboratories: “I think it is a moral requirement to make money when you can ... to sell the product for the highest price.” Mulye was responding to questions posed by the Financial Times about his quadrupling the price of an essential antibiotic to $2,392 per bottle. The drug, nitrofurantoin, is used to treat urinary tract infections. It has been on the market since 1953 and is listed by the World Health Organization as an essential medicine for “basic healthcare systems.” In his interview with the Financial Times published Tuesday, Mulye defended Martin Shkreli, the former drug company CEO who became the face of the industry’s profiteering in 2015 when he jacked up the price of a generic anti-parasitic drug needed by HIV patients by more than 5,000%. “I agree with Martin Shkreli that when he raised the price of his drug he was within his rights because he had to reward his shareholders,” Mulye told the FT. (Shkreli is currently serving a prison term on fraud charges unrelated to the price hike.) Mulye’s remarks drew a rebuke from Scott Gottlieb, commissioner of the Food and Drug Administration. “There’s no moral imperative to price gouge and take advantage of patients,” Gottlieb tweeted after the FT interview appeared. He said his agency would “continue to promote competition so speculators and those with no regard to public health consequences can’t take advantage of patients who need medicine.” Click for the rest: http://www.latimes.com/business/hiltzik/la-fi-hiltzik-drug-prices-20180911-story.html Quote Link to comment Share on other sites More sharing options...
xtralettucetomatoe580 Posted September 12, 2018 Share Posted September 12, 2018 Well that was a stupid thing to say... Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted September 12, 2018 Share Posted September 12, 2018 4 minutes ago, xtralettucetomatoe580 said: Well that was a stupid thing to say... It makes perfect sense for a psychopath. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted September 12, 2018 Share Posted September 12, 2018 Yeah...this was fucking stupid. I fucking hate big pharma. Quote Link to comment Share on other sites More sharing options...
xtralettucetomatoe580 Posted September 12, 2018 Share Posted September 12, 2018 4 minutes ago, ActionfigureJoe said: It makes perfect sense for a psychopath. Sociopaths are usually a lot smarter... How are you an exec and think that’s ok to say to the media? I get it if you beleive that, but to say it out loud outside of private? Silly. Fuck him. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted September 12, 2018 Platinum Contributing Member Share Posted September 12, 2018 1954? Why are there not 3 competitors making a generic? Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 Just now, steve from amherst said: 1954? Why are there not 3 competitors making a generic? capitalism is supposed to fix this, but it won't. Weird. Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted September 12, 2018 Share Posted September 12, 2018 1 hour ago, motonoggin said: capitalism is supposed to fix this, but it won't. Weird. What would fix it? Neal Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 26 minutes ago, NaturallyAspirated said: What would fix it? Neal Moar capitalism? Quote Link to comment Share on other sites More sharing options...
washedupmxer Posted September 12, 2018 Share Posted September 12, 2018 How much do you charge for a bag of weed dopey? Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 Just now, washedupmxer said: How much do you charge for a bag of weed dopey? 3 million dollars Quote Link to comment Share on other sites More sharing options...
washedupmxer Posted September 12, 2018 Share Posted September 12, 2018 Just now, motonoggin said: 3 million dollars well hey at least you can be honest and answer the tough questions Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 Just now, washedupmxer said: well hey at least you can be honest and answer the tough questions Goddamn right Quote Link to comment Share on other sites More sharing options...
washedupmxer Posted September 12, 2018 Share Posted September 12, 2018 Just now, motonoggin said: Goddamn right you answering to dopey was my favorite tho 1 Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 Just now, washedupmxer said: you answering to dopey was my favorite tho Got em Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted September 12, 2018 Share Posted September 12, 2018 2 hours ago, steve from amherst said: 1954? Why are there not 3 competitors making a generic? Could be many factors. Risk. The older drug may have side effects that could lead to lawsuits. Lead time. Another company has to show that thier genetic provides a minimum and maximum level of effectiveness with minimal side effects. Cost. The competition will simply crash the cost of the drug when competition arrives. The only real solution is realistic cost controls. 1 Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 1 minute ago, ActionfigureJoe said: Could be many factors. Risk. The older drug may have side effects that could lead to lawsuits. Lead time. Another company has to show that thier genetic provides a minimum and maximum level of effectiveness with minimal side effects. Cost. The competition will simply crash the cost of the drug when competition arrives. The only real solution is realistic cost controls. Well, that or worker ownership of the means of production. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted September 12, 2018 Share Posted September 12, 2018 4 minutes ago, motonoggin said: Well, that or worker ownership of the means of production. That’s always a possibility. But that would mean human health care could no longer be sold like pork bellies in a marketplace with corporate profit margins reaching 30-40%. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted September 12, 2018 Platinum Contributing Member Share Posted September 12, 2018 36 minutes ago, motonoggin said: Well, that or worker ownership of the means of production. Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 31 minutes ago, ActionfigureJoe said: That’s always a possibility. But that would mean human health care could no longer be sold like pork bellies in a marketplace with corporate profit margins reaching 30-40%. That's gonna make some job creators sad... Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 12, 2018 Share Posted September 12, 2018 is he wrong? his duty is to the shareholders not patients. Healthcare is a market that the government must intervene in at some point when they pull their balls out of the healthcare industries purse. This includes both the drug manufacturers and the point of care providers excess, but they lobby almost as well as the MIC to keep the gravy train going. Funny thing is the insurance companies take the most heat yet end of the day are the least responsible for the issue, sure they add a cost to the system but they are the only ones trying to hold the drug companies and healthcare providers accountable at this point.. 1 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted September 12, 2018 Share Posted September 12, 2018 10 minutes ago, Angry ginger said: is he wrong? his duty is to the shareholders not patients. Healthcare is a market that the government must intervene in at some point when they pull their balls out of the healthcare industries purse. This includes both the drug manufacturers and the point of care providers excess, but they lobby almost as well as the MIC to keep the gravy train going. Funny thing is the insurance companies take the most heat yet end of the day are the least responsible for the issue, sure they add a cost to the system but they are the only ones trying to hold the drug companies and healthcare providers accountable at this point.. Good post. But yes, he’s wrong.if he thinks it’s “morally correct”. Poor choice of words. He should have not said anything. We all know what their moral standards really are. The whole system is about as morally bankrupt as they come. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted September 12, 2018 Platinum Contributing Member Share Posted September 12, 2018 4 widely available generics or alternatives. Dude's probably simply trying to spike stock price thru the media attention. https://www.iodine.com/drug/nitrofurantoin/alternatives Quote Link to comment Share on other sites More sharing options...
xtralettucetomatoe580 Posted September 12, 2018 Share Posted September 12, 2018 11 minutes ago, Angry ginger said: is he wrong? his duty is to the shareholders not patients. Healthcare is a market that the government must intervene in at some point when they pull their balls out of the healthcare industries purse. This includes both the drug manufacturers and the point of care providers excess, but they lobby almost as well as the MIC to keep the gravy train going. Funny thing is the insurance companies take the most heat yet end of the day are the least responsible for the issue, sure they add a cost to the system but they are the only ones trying to hold the drug companies and healthcare providers accountable at this point.. No one disagrees with that. It’s just a stupid thing to say. He doesn’t need to say it like he did. Quote Link to comment Share on other sites More sharing options...
motonoggin Posted September 12, 2018 Author Share Posted September 12, 2018 7 minutes ago, Highmark said: 4 widely available generics or alternatives. Dude's probably simply trying to spike stock price thru the media attention. https://www.iodine.com/drug/nitrofurantoin/alternatives I love how "they're just trying to make money" is a justification one day, and a condemnation the next... *Nike hires Kap* "Pfft. They're just trying to make money" *Drug company gouges sick people* "But they're just trying to make money" Quote Link to comment Share on other sites More sharing options...
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