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Pfizer says it will price Covid treatment Paxlovid at nearly $1,400 for a five-day course, which researchers estimate only costs Pfizer $13 to produce.
That's a 10,000%+ markup. Shameful.
I don’t think he meant to the consumer. EU countries can negotiate for the price with pharmaceutical companies, so they can lower the price.
In the US insurance companies can try to negotiate, but their weight is quite low, and the federal government (medicaid, medicare) is forbidden by law to negotiate. Whichever price pharma sets, it’s that.
This is legitimately how it works in the US between insurance and pharma/medical.
I just had a baby and I added up the total bill from the hospital and it was $100,000. We were in the hospital for 3 days.
My insurance “negotiated” it down to $26,000, and I paid $3000.
The $100,000 is completely made up from the beginning. Pharma and medical just slap big ass ridiculous numbers down, then the insurance fake negotiates down to a still completely ridiculous number, then that cost has to get eaten by people who pay into insurance, which is basically everyone.
Because medicine shouldn’t become a flea market where you’re gambling your health against profit maximization.
Give pharmaceutical companies a fair price scale where they can profit, don’t let them hyperinflate prices without justification.
It’s not the same if Apple prices their phones at 20,000 USD and you decide you’re buying other brand, pharma plays these extortion games after they have captured enough market/regulation so most people have to pay or stay sick.
I don’t think he meant to the consumer. EU countries can negotiate for the price with pharmaceutical companies, so they can lower the price.
In the US insurance companies can try to negotiate, but their weight is quite low, and the federal government (medicaid, medicare) is forbidden by law to negotiate. Whichever price pharma sets, it’s that.
Sounds crazy they are but allowed to negotiate?
Is that the same for anything else the government buys? I can’t imagine the army buying 100 tanks and just paying the first price they get?
It’s a constitutional thing, government has to guarantee the companies’ freedom to set the price they want or something totally moronic like that…
In fact it’s the first time the government will be able to negotiate with pharmaceutical companies!
https://www.reuters.com/business/healthcare-pharmaceuticals/us-judge-refuses-block-medicare-negotiating-drug-prices-2023-09-29/
Yes! That’s a great start 👌 especially if the negotiator is NOT getting a kickback from Pharma for negotiating a high price
It’s like
– Arms dealer: Each tank cost me 500,000 dollars to make. Give me 5 billion for each.
– Let’s negotiate. How about 500 million instead?
– Arms dealer: Fiiine, but only because you’re a good client.
This is legitimately how it works in the US between insurance and pharma/medical.
I just had a baby and I added up the total bill from the hospital and it was $100,000. We were in the hospital for 3 days. My insurance “negotiated” it down to $26,000, and I paid $3000.
The $100,000 is completely made up from the beginning. Pharma and medical just slap big ass ridiculous numbers down, then the insurance fake negotiates down to a still completely ridiculous number, then that cost has to get eaten by people who pay into insurance, which is basically everyone.
Is that true? Is there a legitimate reason why they shouldn’t be able to?
It’s a constitutional thing, government has to guarantee the companies’ freedom to set the price they want or something totally moronic like that…
In fact it’s the first time the government will be able to negotiate with pharmaceutical companies!
https://www.reuters.com/business/healthcare-pharmaceuticals/us-judge-refuses-block-medicare-negotiating-drug-prices-2023-09-29/
Because medicine shouldn’t become a flea market where you’re gambling your health against profit maximization.
Give pharmaceutical companies a fair price scale where they can profit, don’t let them hyperinflate prices without justification.
It’s not the same if Apple prices their phones at 20,000 USD and you decide you’re buying other brand, pharma plays these extortion games after they have captured enough market/regulation so most people have to pay or stay sick.