Saturday, April 2, 2011

The High Price of Greed...

Have you seen that the FDA has reversed one of its rulings?  This information comes via Jon Walker at FireDogLake.  (And note the importance of protesting bad rulings.)  [The emphasis within the quotation is mine.]  [Here
This is a rare piece of good news reflecting the positive impact investigative journalism and public outcry can have. The Food and Drug Administration has partly reversed its horrible decision to grant a drug company an exclusive monopoly over an already commonly used medication, which allowed that company to jack up prices 15,000%.
ABC NEWS ran the following piece earlier, giving us a glance into why the FDA probably changed its tune.  Here is some of the pushback from advocates for those pregnant women who are at risk of losing their babies.  [Here]  [Again the emphasis is mine.]
The March of Dimes is teaming up with the leading maternity experts to lobby for KV Pharmaceuticals to reconsider its decision to boost the price of a drug that prevents premature birth from $10 a shot to $1,500 a shot.
In February the FDA granted KV Pharmaceuticals the exclusive right to ...”produce a progesterone shot used to prevent premature births in high-risk mothers.” [Here]  Soon after the drug company "...announced that that they would list the drug at a price 150 times higher than the cost of the non-branded version women have been using for years.  The shot has been available in unregulated form from specialty compounding pharmacies for years for $10 a pop, but now, marketed as Makena, the drug will cost $1,500 per dose -- an estimated $30,000 in total per pregnancy.”
There are many lessons to be learned from this, not the least of which is the importance of pushing back against each and every instance of corporate greed.  
This particular drug company did not even conduct the expensive, initial clinical trials for this drug.  The National Institute of Health conducted those trials and the expenses came out of our tax money.  This company has simply attempted to step in and literally cash in on this drug.
Robert Reich reminds us of an important fact--and let’s run it up the flag pole: [Here]
Can we please agree that in the real world corporations exist for one purpose, and one purpose only — to make as much money as possible...
Need we say more?