…and this is why capitalism is evil. In capitalist logic price gouging is fair, the profit motive trumps everything, and “competition” is only all right as long as it doesn’t encroach “intellectual property”. You can’t have it both ways: you can’t trumpet free market economics as well as controlling the market with patents.
@derdave969 – You do realize that there is a lot of ground between the communist systems of Russia and China and the completely free market, don’t you? No one is suggesting we go to the command economy associated with communism.
Big Pharma is one of the reforms needed to help control medical costs but don’t expect the republicans to ever do it. Trump touted tax reform that will do the top more good than the middle class. That is the kind of reform they like.
In this particular instance, it would seem capitalism worked – company jacks price higher than the market can bear, market reacted, company backed off.
The guy should be wearing an American flag patch; the rest of the world pays a lot less than we do for the same drugs. They get to negotiate; note I said negotiate, not “price controls.”
Beautiful thing about the government and the market is that they don’t need to regulate prices: all they have to do is revoke the patent on the pharmaceutical formula and then allow the market to do its part. People will be given options and the prices go down as businesses are forced to compete. This maintains the safety of the product because the product has to be FDA regulated, and leads to lower costs. The important thing to remember on this issue though is that this is really an example of the law of supply and demand trying to be regulated by the government. The companies see a very limited demand for some pharmaceuticals that are very costly to make and the supply is therefore limited. They need to see some sort of return. We tend to think that these companies are evil because they want to grow. Growth is good. Growth is jobs for people anywhere- the important thing is seeing it done ethically; and as my business law professor always said: what is legal isn’t always moral or ethical. We should be focused on doing the ethical thing 100% of the time, whether we are a fortune 500 company CEO, or a small business owner, or an employee.
Republicans, with a rider, not a bill, banned Medicare from negotiating drug prices. VA negotiates. Medicare pays many times, sometimes HUNDREDS OF TIMES MORE for the same drugs on the VA formularies.
Oil companies and pharmaceutical companies have both been granted by mostly Republican adiministrations and Congresses, license to print money, tax free.
King_Shark over 8 years ago
…and this is why capitalism is evil. In capitalist logic price gouging is fair, the profit motive trumps everything, and “competition” is only all right as long as it doesn’t encroach “intellectual property”. You can’t have it both ways: you can’t trumpet free market economics as well as controlling the market with patents.
moosemin over 8 years ago
Sitting on the shelf, right next to unregulated financial transactions.
derdave969 over 8 years ago
Check with Russia and China on how that regulation thingie worked out and get back to me.
tbemont Premium Member over 8 years ago
@derdave969 – You do realize that there is a lot of ground between the communist systems of Russia and China and the completely free market, don’t you? No one is suggesting we go to the command economy associated with communism.
Theodore E. Lind Premium Member over 8 years ago
Big Pharma is one of the reforms needed to help control medical costs but don’t expect the republicans to ever do it. Trump touted tax reform that will do the top more good than the middle class. That is the kind of reform they like.
Aged Puppy over 8 years ago
In this particular instance, it would seem capitalism worked – company jacks price higher than the market can bear, market reacted, company backed off.
Carl Premium Member over 8 years ago
Price controls, the solution that never works. Ask Nixon.
kaffekup over 8 years ago
The guy should be wearing an American flag patch; the rest of the world pays a lot less than we do for the same drugs. They get to negotiate; note I said negotiate, not “price controls.”
zachary.stucki over 8 years ago
Beautiful thing about the government and the market is that they don’t need to regulate prices: all they have to do is revoke the patent on the pharmaceutical formula and then allow the market to do its part. People will be given options and the prices go down as businesses are forced to compete. This maintains the safety of the product because the product has to be FDA regulated, and leads to lower costs. The important thing to remember on this issue though is that this is really an example of the law of supply and demand trying to be regulated by the government. The companies see a very limited demand for some pharmaceuticals that are very costly to make and the supply is therefore limited. They need to see some sort of return. We tend to think that these companies are evil because they want to grow. Growth is good. Growth is jobs for people anywhere- the important thing is seeing it done ethically; and as my business law professor always said: what is legal isn’t always moral or ethical. We should be focused on doing the ethical thing 100% of the time, whether we are a fortune 500 company CEO, or a small business owner, or an employee.
Dtroutma over 8 years ago
Republicans, with a rider, not a bill, banned Medicare from negotiating drug prices. VA negotiates. Medicare pays many times, sometimes HUNDREDS OF TIMES MORE for the same drugs on the VA formularies.
Oil companies and pharmaceutical companies have both been granted by mostly Republican adiministrations and Congresses, license to print money, tax free.