Mylan CEO on C-Span https://www.c-span.org/video/?41554...-bresch-testifies-epipen-price-increases&live
If only this were true in general. That said, I will take it if true: A warning for Big Pharma: Lobbying won't work anymore Jake Novak | @jakejakeny 1 Hour AgoCNBC.com 13 SHARES 3 COMMENTSJoin the Discussion Getty Images Let's be blunt. Corporate America is in delusional denial about how much the ground in Washington has shifted against it. The rise of Senators Bernie Sanders and Elizabeth Warren, both inside the halls of Congress and throughout the country, is more than just a passing fad. Just ask Wells Fargo CEO John Stumpf... oops, I mean former CEO John Stumpf, who stepped down in part thanks to Senator Warren's grilling during recent Senate hearings. Here's a warning and a wake up call to big business: If you try to use the same old lobbying and crony networks to get your way, it won't work. Not anymore. And here's a special warning call just for Big Pharma: You need to change your public relations and marketing strategies now, or die. The good news is, unlike so many other industries, the drug companies have a very effective way out of this mess. But first let's set the stage a little more clearly. The most immediate example of this new anti-big business reality in Washington comes from the just-announced AT&T/Time Warner merger deal. Since it was first announced last week, Senator Sanders has gone from simply criticizing the deal online to now emphatically vowing to kill the deal. Donald Trump also quickly said his administration wouldn't allow the deal. These are serious threats that seem close to a death blow when you consider how the feds successfully ended the merger agreement between Time Warner Cable and CNBC-parent Comcast... and that was a year before Sanders and Trump rose to such national political prominence. And if you think Hillary Clinton will save the cable giants or the rest of big business if she's elected, note that she only made her first comments about the AT&T/Time Warner deal on Tuesday, and all she would say was the weak and cautious promise to monitor the deal "closely," whatever that means. Clinton may be considered pro-business, but she doesn't seem poised to defend anyone or anything too effectively. It's likely the purposeful and more clearly spoken Warren and Sanders will eat any possible corporate defenders alive, even if one of them is in the White House. A lot of industries are still blind to these new realities. And no industry seems more clueless right now than Big Pharma. If you think the presidential candidates have been spending big bucks and fighting hard, new reports out this week say the big drug companies are set to unleash a massive lobbying battle in Washington. Several reports say the the Big Pharma lobbying group known as PhRMA is looking to spend as much as $300 million and pull out lots of other stops in order to defend higher prescription drug costs. But here's the problem: this is a battle the drug giants can't win. Public and political sentiment against expensive medicines and he companies that charge those prices is at a fever pitch. "Several reports say the the Big Pharma lobbying group known as PhRMA is looking to spend as much as $300 million and pull out lots of other stops in order to defend higher prescription drug costs. But here's the problem: this is a battle the drug giants can't win." All you need to do is remember this summer's outrage over Mylan's EpiPen prices to know this is true. This anger makes the ire many Americans have over rising cable bills look mild. And this time, there aren't a lot of Republicans in Congress who are likely to defend unpopular corporate sectors. The GOP Members of Congress proved that by piling on Stumpf during his hearing trial by fire and they did the same thing to Mylan CEO Heather Bresch during her turn in front of a Congressional committee. The question is: Why do the drug companies think they can lobby or donate their way out of this situation, even with the $300 million war chest PhRMA is building? Politicians do love campaign donations, but all the money in the world can't overcome the kind of bad publicity that comes from supporting industries when they are in such a negative spotlight and doing things that anger so many people... http://www.cnbc.com/2016/10/28/a-warning-for-big-pharma-lobbying-wont-work-anymore-commentary.html
I read something about this ten or fifteen years ago and I doubt it's changed. US consumers pay full cost for drugs and many/most foreign countries pay only variable costs. Consumers in the US get stuck paying the massive R&D. The reason is because that's all foreign countries will pay. Variable costs. Because if US drug companies try to charge full cost, foreign countries will just get the drug from some counterfeiters who obviously don't have any R&D like US drug companies. So US companies are left in a weak position. Either sell the drugs to them at variable cost only, or lose the business. And US consumers really get the shaft from this.
Drugmakers under fire for possible US price fixing 2 Hours Ago Reuters Two prominent U.S. lawmakers on Thursday called on federal antitrust regulators to probe whether Sanofi, Eli Lilly and Co, Merck & Co Inc, and Novo Nordisk colluded to set prices for insulin and other diabetes drugs. The request by U.S. Senator Bernie Sanders and Representative Elijah Cummings follows a similar letter they sent last fall calling for an investigation into 14 drug companies over price increases of generic drugs. Jean-Francois Monier I AFP I Getty Images An employee works on a high speed production line of insulin at a factory of Novo Nordisk. U.S. prosecutors could file the first charges by the end of the year in their subsequent criminal investigation of generic drugmakers over suspected price collusion, Bloomberg reported on Thursday. A Justice Department spokesman declined to comment. In their latest letter to the Justice Department and Federal Trade Commission, Sanders, an independent, and Cummings, a Democrat, raised questions about skyrocketing prices for insulin, and included a chart showing that many of the price spikes appeared to occur in tandem. They noted that the original patent on insulin, a hormone used by diabetics to control blood sugar levels, expired 75 years ago. Sanofi spokeswoman Ashleigh Koss said in an emailed statement that "Sanofi sets the prices of our treatments independently." Novo Nordisk also said it sets prices "independently" and said it stands by its business practices. A spokeswoman for Merck said the company does not make insulin. Merck makes other products to treat diabetes. Eli Lilly, in an email, said it strongly disagrees with the accusations in the letter. "The insulin market in the U.S. is highly competitive," the pharmaceutical company said. Shares of several generic drugmakers fell on Thursday after the report of pending Justice Department charges. Mylan N.V. closed down 6.9 percent, Allergan Plc fell 4.5 percent and Endo International Plc dropped 19.5 percent. Teva Pharmaceuticals Inc Ltd, which recently acquired Allergan's generics business, fell 9.5 percent. "We do not think the major generic companies have likely participated in significant pricing collusion," A/B Bernstein analyst Ronny Gal said in a research note. Several generic drugmakers, including Mylan, Allergan, Endo and Taro Pharmaceutical Industries Ltd <TARO.N>, had previously disclosed that they were subpoenaed in connection with the antitrust investigation by the Justice Department. Bloomberg said the probe spans more than a dozen companies and about two dozen drugs, citing people familiar with the matter. Impax Laboratories Inc said earlier this year that the Justice Department had requested information on four drugs: blood pressure pill digoxin, asthma drug terbutaline sulfate, prilocaine/lidocaine cream and calcipotriene solution, which is used to treat psoriasis. A spokesman from Teva said the company "is not aware of any facts that would give rise to an exposure to the company with respect to these subpoenas." Officials at Endo and Lannett Company Inc did not immediately respond to requests for comment. ... http://www.cnbc.com/2016/11/03/us-lawmakers-call-for-probe-of-possible-insulin-price-collusion.html
U.S. Government Was Informed of EpiPen Overcharging in 2009 http://www.bloomberg.com/news/artic...t-was-informed-of-epipen-overcharging-in-2009
Feds charge ex-Valeant and Philidor pharma executives in big kickback scheme Dan Mangan | @_DanMangan 17 Mins AgoCNBC.com 21 SHARES 1COMMENTJoin the Discussion Criminal charges for two in Valeant case 1 Hour Ago | 01:47 They might be riding off to prison together — instead of "into the sunset together." Federal prosecutors in New York on Thursday charged a former top executive at big drugmaker Valeant Pharmaceuticals and the ex-CEO of the specialty pharmacy Philidor Rx Services in a multimillion-dollar fraud and kickback scheme. A criminal complaint accuses Phildor's former CEO Andrew Davenport of secretly paying Valeant exec Gary Tanner about $10 million in kickbacks to steer Valeant's business to Philidor, where Davenport was the biggest shareholder. The complaint said Tanner, who ended up being vice president of Valeant's "Access Solutions Team," helped "advance Davenport's interests" by having Valeant pay Philidor "over $40 million, and potentially tens of millions of additional dollars."... http://www.cnbc.com/2016/11/17/ex-v...davenport-charged-in-big-kickback-scheme.html