Congressional Democrats Call For Investigation Into Drug Price Increases
By Susie Madrak Thursday Nov 19, 2009 3:00pmCongressional Democrats are calling for two inquiries after the New York Times reported earlier this week that drug companies were jacking up their prices, negating savings they promised for healthcare reform:
Responding to news reports of unusually high wholesale price increases in brand-name prescription drugs, four House leaders and one senator asked for government reviews of the pricing practices.
Although drug makers challenge the theory, some experts say the run-up in wholesale prices may be partly related to the industry’s concerns about future cost containment under any health care legislation.
“Recent studies have indicated that the industry may be artificially raising prices for certain pharmaceutical products in expectation of new reforms,” the House Democrats wrote in a letter to the Government Accountability Office, a nonpartisan investigative arm of Congress. “Any price gouging is unacceptable, but anticipatory price gouging is especially offensive,” the letter added, asking the G.A.O. to conduct an expedited review of the price increases.
[...] Separately, Senator Bill Nelson of Florida, a Democrat who has led efforts in the Senate to seek more concessions from drug makers, wrote to the inspector general of the Department of Health and Human Services asking for “an immediate and thorough investigation into drug industry pricing and recent increases, and the extent to which these increases may affect the Medicare and Medicaid programs.”
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You can hear the screams now. Conservatives crying socialism because the Democrats want to control the prices of the needs of the people. Democrats want to stop credit card companies from raising rates to 30%, socialism. Who has balances on credit cards? Middle to lower class people. Proof of who conservatives aim to protect. Big Corp.
... Ben Nelson is gunning for them. They're going to have to buy him an extra big Christmas present this year.
Oh, and when you are given a monopoly by virtue of a pharmaceutical patent all pricing is artificial. That's the system we have designed.
Pharmaceutical, insurance... all gangsters.
Today I got a letter from my Life Insurance company (Illinois Mutual) and since I have turned 55 years old, and they recently made some bad investments, my rates will be going up. From $150.00/month to $450.00/month! Crooks...the whole lot of them!
You in fixed or variable life insurance? I don't want to dick you off but if you're in variable it's partly you're own fault. With that said, go over your contract and read it. There is no reason they should raise it that much. You're payout should have lowered if you're variable and rates should go up but not 200%. Never by variable life insurance. Buy fixed and then buy additional.
I thought I had fixed, but the agent is looking into it. I got a letter with basically two lines. First: 'The premium on your above policy changes each year.' Second: 'This anniversary the premium will change from $157.69 to $445.37. Please note your checkbook accordingly.'
I think that a 150-200% increase should be against the law. But I'm willing to bet there isn't squat I can do about it. Seems obvious they want to increase their rating by eliminating potential customers they might have to pay out to. Same as the health insurance companies dropping people once they really get sick.
If you don't hear back from your agent soon. You should call the company directly. I am sure there is an explanation for this because they cannot change the premiums unless the policy you purchased allows for it.
Sounds better than," Cough it up or die!"
Anybody that's surprised that big pharma is jacking up their prices to offset their "price cuts" is a moron.
These jackals are addicted to their profits. They aren't willing to give up one red cent.
This scam reminds me of the 80's, when a now defunct department store chain was busted for raising their prices 50%, then running 50% off ads.
Pharmaceutical companies love to say they need the money for research. Well, most of the research is done at universities which the taxpayers pay for.
I, for one am sick and tired of being gouged by big corporations every frickin' time I turn around. It's time to reinstate the Glass-Steagall Act and shatter all the monopolies...
one of my "generic" prescriptions, that I have been taking for 3 years, just became "un-generic" and so went from $10 to $40. My pharmacists said that she has never seen that happen before.
I don't think it can happen? Generic drugs are made from different drug companies than the original company. They just lose the patent on it. Sounds like the insurance company is fucking with you. You might want to look into this.
Yeah, I was paying five bucks for generic - then, all of a sudden I'm paying $30. With insurance. It would have been over $100 without insurance. Something about a court ruling. In favor of Lilly
Sounds more like your copay just went up than a drug becoming "un-generic". Regardless, it's still criminal.
Well no many times the generic companies are forced to stop importing or making a drug because of some small bullshit the FDA changes them with. Contently leaving the name brand as the only option.
Take oxycottin for almost a year all generic companies that made both types slow acting and instant relief were bared from making or importing any by the FDA for various reasons. Giving the name brand back there monopoly on the drug
And the pharmacist said that the court decision allowed Lilly to regain it's patent.
I retired from nursing and paramedicine some years ago - and I've never heard of anything like this.
And, yes; it is criminal. If it weren't for my insurance, which isn't the greatest, I would be hard pressed to afford it.
I mean there are in the pocket of big pharma. You'd be amazed how offen all the generic drug makers are forced to stop makeing certain drugs leaveing only the name brand as an option .
Republican senators on Wednesday blocked a bill that would prevent credit card companies from raising interest rates
Big Biz now demands to be recompensed for the time and industry it took to rob the people blind and now want them to pay for the privilege of being robbed blind.
Have you heard of the infamous ‘donut hole’? I fell into it in May. You would be hard pressed to convince me that the pharmaceuticals AND insurance conglomerates aren’t joined at the hip. Currently it’s a government sanctioned racket.
Yea. They just raised the price on my prescription marijuana by 5%.
How will our government realize any savings if the dope they are purchasing is overpriced? I don't buy the argument that with their profits, they are trying to make a better pot for us.
... and enforce their monopoly, it might have been legalized a long time ago. Of course, if that were the case we'd probably want to import it - from Canada.
marijuana as intellectual property?
That's not right on a couple of levels...
“Recent studies have indicated that the industry may be artificially raising prices..."
recent studies? "may" be? this is hardly breaking news... this is PHRMA MO. buy off politicians, get anti-generic legislation, jack up prices, rinse, repeat.
that we should trust these insurance companies... they have our best interests at heart... I call Bull$hit!!
I keep hearing a commercial on the radio for some kind of cholesterol medicine. They aren't trying to sell the pill they are trying to convince people to not switch to another medicine. There's no generic (wonder why) for what they are selling ( and I'm sure they are not planning on letting one be made either) and the commercial is all about how if their statin is working why do you need anything else. isn't it worth paying 100% more if your doctor tells you to? Disgusting.
Notice how the talking heads parrot Big Pharma's talking points over and over: drugs should not be seen as expenses but as savings. They spent the last half of this segment hammering this argument home, as though it has anything to do with the off-the-charts price gouging in which these big companies are engaged. More false equivalency in the media truth be damned.
Tie Pharma and Insurance rate increases to the Dept of Labor's COLA increases each year! For 2010 there will be no cost of living increase according to the Dept of Labor, as this country is expriencing deflation in overall pricing of all goods sold!
in a shitty economy: Raise prices!
Fuck you Big Pharma
Why is it that we are subjected to the blathering idiots trying to defend the drug companies after the report says it all. This is what is wrong with journalism today. They even admit that it is a "he said she said" debate. NO IT ISN'T!!! It is facts versus corporate propaganda. ARGGGGGH!!!
The generic is made by the same company that makes the "original." Maybe the patent did expire, I don't know, but I can't afford $40/month - so I moved to a different drug and hopefully there will be no bad side-effects.
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