Neven Mrgan takes a prescription drug called Cuprimine. Without it, he would slowly die from liver disease. Unfortunately, the price of Cuprimine has gone from $400-$1,700/month to $44,000/month. Curprimine is made by Valeant Pharmaceuticals, run by billionaire J. Michael Pearson. He's stepping down, not because he jacked up the price of Cuprimine and other medications, but because the company's misstated earnings hurt its stock value.
From a 2016 NYT article about Valeant's drug price strategy:
Cuprimine is just one of many Valeant drugs whose prices have spiked as part of the company’s concerted strategy, which has richly rewarded its investors and made it one of Wall Street’s most popular health stocks.
But Valeant’s habit of buying up existing drugs and raising prices aggressively, rather than trying to develop new drugs, has also drawn the ire of lawmakers and helped stoke public outrage against the growing trend of higher and higher drug prices imposed by big drug companies. This year alone, Valeant raised prices on its brand-name drugs an average of 66 percent, according to a Deutsche Bank analysis, about five times as much as its closest industry peers.
Between 2010 and 2016, the FDA approved 210 new medicines and every single one was produced at public expense, part of a $1T US government investment project in medical research. Despite this massive public subsidy, the pharma industry has only grown more concentrated and rapacious, raising prices and diverting the profits to their execs and […]
Atul Gawande (previously) made an enormous shift in the practice of medicine with his research on checklists, summarized in his book The Checklist Manifesto; Gawande identified a core paradox with checklists, which is that surgeons hate to use them, finding them reductive and tedious, but overwhelmingly, surgeons would prefer to be operated on by other […]
In a new column in the LA Times, business columnist Michael Hiltzik makes the argument that the only thing health insurers have done with any effectiveness is scare us into thinking that the socialized medicine services that every other advanced country has will not work in America.
Are we done with capsule coffee makers yet? Sure, they’re easy. But they are not so easy on the environment, and it’s debatable whether they actually make a better cup. Luckily, there’s never been a better time to switch back to the good old reliable drip method – especially when drip coffeemakers have quietly been […]
If there’s one thing that stayed consistent through the last decade or so of tech industry turmoil, it’s the love affair between techies and Linux. There’s just a ton you can do with the OS, and its open-source format means you can customize your rig from the ground up. Apparently not content with that level […]
Accidents happen. And when they do, you’re going to want a dash cam for a second pair of eyes. At the minimum, a decent dash cam can save you vast sums of time and money in case of an accident. But a really good dash cam can do a whole lot more. Here are six […]