This posting will serve as Part 8 of the "Pharmaceutical Cash Cows" and Part 13 of the "Health Care Reform" series of this journal/ blog. I wanted to have this piece that 'CBS 60 Minutes' aired last night (sun. 05/ 06/ 18) in this journal, because it was such an open and straight piece concerning Mallinckrodt and Questcor pharmaceuticals and their sidekick pharmacy benefit manager (PBM), Express Scripts, in particular concerning the drug "Acthar", which has been around since the 1950's ... and the lawsuit on them from The City of Rockford, IL. The 14 minute video and transcript below from CBS. I also included a newsread link that first reported on this from Business Insider below that, to get a little more background on this case. And another link from CNBC on the stock market response the day after CBS aired this. At the bottom, I will add a little opinion of my own ... and I wanted to open my part below with Senator Elizabeth Warren questioning "PhrMA" lobbyist, Lori Reilly. Lori talks about the millions in "rebates" to the consumer they give ... why even need rebates?, just open and free the market to the consumer, eh? ... my guess is that even the rebates they hand out, are taxpayer subsidized.
***** CBS NEWS/ 60 MINUTES: The problem with prescription drug prices ... (video/ transcript)
***** BUSINESS INSIDER: Why Rockford, Illinois, is suing the drug company Mallinckrodt ... (newsread)
***** CNBC: Mallinckrodt shares rebound after '60 Minutes' report on drug prices ... (newsread/ video)
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***** PD/ RCJ: "PHARMACEUTICAL CASH COWS" ... PART'S 7 THRU 1
***** PD/ RCJ: "HEALTH CARE REFORM: another "FORM" of "REFORM" ... PART'S 12 THRU 1
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"TRY THIS STORY ON SOMEONE ELSE!!!" Elizabeth Warren GETS PISSED OFF & DESTROYS Big Pharma Lobbyist ... Thanx to Dose of Dissonance
Thomas Hudson Pickering/ Ranch Chimp
Credit in the above video to Senator Warren for speaking up on this stuff in Washington to her colleagues, grilling these crooks in the mainstream, and informing the people across America. And a bit of credit to Lori Reilly, for a good job displaying just how full of shit she and her lobby is, showing that she is more full of shit than a sewage treatment plant. And since no one can come out in the above pieces and call this for what it truly is, let me ... "organized crime". This is why I called Martin Shkreli's operation "small potatoes" in PT.5 of Pharma Cash Cows with his 5000% hike ... just because of how large this is ... I mean, Shkreli is just nickel and diming compared to Mallinckrodt and Questcor. And in all fairness to Mallinckrodt ... according to their claim and other evidence ... Questcor done the majority of the increase, before Mallinckrodt made their so called modest price increase (which was $8000 a vial) after buying Questcor. You cant look at a 100,000% increase, or a $8000 a vial increase by Mallinckrodt, justified simply because of inflation and research costs, eh? But in fairness as well ... Mallinckrodt knew how much the price increased since 2001 till their purchase ... since Mallinckrodt or anyone else would not spend billions buying a company without knowing their profits, losses, and potential value ... so there was not even good reason, as folks may ask, for minor increases to Acthar after they purchased Questcor. The "good reason" for Mallinckrodt though, is because they seen that increase and profit assessment as a huge money maker, and showing the clear "intent" of Mallinckrodt, and even expanding and marketing this drug for a variety of other uses and milking Medicare on seniors as well for every dollar it can make off it.
I mean, let's face it ... like some medical providers, pharma companies, and specialist doctors, things like Medicare/ Medicaid and even insurance companies are looked at like a 24/7 ATM machine for many of these folks, eh? And regardless of how confusing this can seem, the bottom line between these entities, like Questcor, Mallinckrodt ... and even pharma benefit managers like Express Scripts ... there is clear as day collusion. And buying out their only competition company and closing them down is organized crime, and anti- free market as well. Mallinckrodt got caught violating antitrust laws, when this first came to light, even though they denied any wrongdoing, but agreed to pay the fine they claim, just to get it past them. It's too bad the "3 strikes and you're out" law for average low level criminals dont apply to these kind of criminals as well, because low level habitual criminals are charged as such in America, even for minor controlled substance drug possession. And I feel that many of these type cases, top executives should be charged with "criminal" offenses, and tried as such ... whether it's Mallinckrodt/ Pharma, British Petroleum (BP), Wells Fargo, JPMorgan/ Chase, or any others. And no, charging or convicting executives with crimes, will not shut down the company, that person convicted will be replaced, and they will learn hopefully from it, and not do it again.
As far as negotiating drug prices, whether it's by government for Medicare Part D (PolitiFact), or any negotiating from the consumer/ patient, or tax payers ... we should be allowed to negotiate, this legislation to ban price negotiating or even buying drugs from wherever we want, is clear pharma and legislative branch collusion. Folks like Senator John Cornyn, a Texas republican in the U.S. Senate ... claims that allowing the government, consumers, taxpayers, patients to negotiate drug prices, and to have true choice, will lead to a slippery slope of socialized medicine, etc. I dont think folks like Senator Cornyn got the picture, perhaps we could make it in writing and shove it in his face ... the consumer and demand of those, is what should drive markets, it forces them to compete, plain and simple, and he knows it ... after all, he calls himself a free market conservative. It dont matter if it's just moderate or far right republicans, or centrist right leaning democrats, they all speak out of both sides of their goddamn mouths when they reject legislation to give the consumer free choice and fair market ... which is not democracy, but corporate communism. Not only the Rockford lawsuit is past due, common sense, and justified ... but the rise in these lawsuits is justified.
We all hear out of these Washington establishment corporate mouthpieces, especially from the republicans, that our Medicare is going broke ... it's because they legislatively let these corporate criminals dictate everything and every piece of legislation. And republicans in particular along with these corporations and mega investors, hit two birds with one stone on these moves ... by robbing and driving our Medicare into bankruptcy simultaneously, so they can privatize all that too. The corporations get to negotiate on their terms only? ... and shut out competition and the consumer demand? .... this is monopolization, and more racketeering. Of course these corporations dont mind paying a little fine, it's just the price of doing business to them ... you rip off a billion, and if you get caught, you pay a $100 million fine, you just made $900 million, and there is legislation as well to get tax payers to pick up much of the fine they did pay on top. Hammering these politicians, and lawsuits against these crooks, along with demanding prison sentences, and legislative changes, should be our priority. You cant blame these corporations fully for this, much blame should go to Senators like Cornyn and folks in the House of Representatives too ... they encourage these folks to rob us and abuse our system, government, consumers, and tax dollars.
Word Out ....
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***** "THE RESISTANCE | PERILS OF THE POWER POSSE" ... ( a 2 part futuristic Ranch Chimp Journal dream to dream on )
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Stuff like this is why there's a fundamental contradiction between the imperatives of health care and the imperatives of private business. Private business is supposed to maximize profit. Screwing every last drop of cash out of a desperate captive market is logical and expected behavior. But for the public, it's a disaster. Ultimately the only way to handle health care to maximize benefit to the public is to treat it as a public utility, like police or fire services.
ReplyDeleteIt's typical of these people that they claim to want a solution in the abstract, but for every actual specific proposal (importation from Canada, government negotiating prices), they always come up with some objection.
As for antitrust laws, they're useless when the government is run by people (Republicans) with zero interest in enforcing them.
Interesting points you made, Infidel ... I think I would like to actually see health care as you put it too, and I support capitalism ... but to an extent. I think it's getting a little out of control. I see choice and free market lacking severely as well in this, as I pointed out. I mean, we are the consumer ... to not be allowed to have input and choice, negotiating power, or competition/ challenge is NOT free market ... that is so odd a position for republicans to take, since republicans pride themselves on those values. Almost unbelievable that those who vote republican dont seem to see this. Thanx for your voice here ....
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