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Started By
Message
re: Cost Of Life-Saving EpiPen Injectors Soars To $700 A Set
Posted on 8/22/16 at 1:09 pm to RogerTheShrubber
Posted on 8/22/16 at 1:09 pm to RogerTheShrubber
quote:
What are the mystical powers of the industry that doesn't allow the forces of supply, demand and competition to work as it does in every other industry?
1) FDA
2) Collusion
3) Extremely high barriers to entry
0
Posted on 8/22/16 at 1:09 pm to yoga girl
quote:
I want everyone who works to make a living wage.
so fricking stupid to think this way
Posted on 8/22/16 at 1:10 pm to Volvagia
quote:
Your 700 dollar smart phone is probably being made "at cost" of around 200
Absolutely correct, but people take different views on "smart phone that is nice to have" vs "emergency life-saving medicine".
Most people take an askew view towards obscene profits in the health industry, when they are ok with obscene profits in, say, the cell phone industry.
Posted on 8/22/16 at 1:10 pm to RogerTheShrubber
quote:
If you cared about the poor, you would want government to remove barriers to markets and allow competition to do what it does naturally, lower prices to be more affordable.
In a fantasy world, that would work. I deal with reality. The Waltons and their ilk get rich by paying sub-standard wages. Pharmacy companies and their owners get rich price gouging. The list goes on.
Posted on 8/22/16 at 1:11 pm to GoCrazyAuburn
quote:
Wasn't there an actual example of competition working in the pharmaceutical industry a while back? Some tool bought a company and jacked the price of this like $5 thing to a couple thousand. Competitor offered it cheap and almost put them out of business?
Yeah, think so. Heather is convinced the only person that can save poor people from high prices is the president however.
Some econ class she paid for...
Posted on 8/22/16 at 1:12 pm to Topwater Trout
quote:
so fricking stupid to think this way
No. Minimum wage workers at the current rate are essentially indentured servants enriching their employers by allowing the employer to pay substandard wages.
Our minimum wage level is a disgrace.
Posted on 8/22/16 at 1:13 pm to RogerTheShrubber
quote:
Yeah, think so. Heather is convinced the only person that can save poor people from high prices is the president however.
You can make fun of me but I have Prof. and former Secretary of Labor Robert Reich on my side.
Posted on 8/22/16 at 1:14 pm to yoga girl
quote:
The Waltons and their ilk get rich by paying sub-standard wages. Pharmacy companies and their owners get rich price gouging. The list goes on.
The Waltons are a little different because the family still owns so much stock, but you need to understand how the publically traded market "gets rich".
Public company ownership is generally so dilluted that no individual person "gets rich" off of moves like this.
CEOs and execs "get rich" because they get performance bonus for maximizing share price. The only way to maximize share price is to increase revenues and/or cut expenses - i.e. continually increase net profit.
Posted on 8/22/16 at 1:14 pm to yoga girl
quote:
The Waltons and their ilk get rich by paying sub-standard wages.
Because the gubment subsidizes their employees wages and gives food "stamps" to the poor. The government built Walmart.
quote:
Pharmacy companies and their owners get rich price gouging. The list goes on.
Because of inadequate competition caused by government policy.. There is no other reason.
The problem isn't anything remotely what you think it is.
This post was edited on 8/22/16 at 1:16 pm
Posted on 8/22/16 at 1:14 pm to yoga girl
quote:
deal with reality. The Waltons and their ilk get rich by paying sub-standard wages. Pharmacy companies and their owners get rich price gouging. The list goes on.
Sub-standard is a completely subjective term. Try again.
Also, you do realize that price gouging can't happen without one of these two forces eliminating your competition, government or natural disasters, right?
Posted on 8/22/16 at 1:14 pm to yoga girl
quote:
Gouging capitalist scumbags are the true scourge creating our ridiculous income inequality.
How? People not working, earning nothing lead to income inequality. The floor on earnings has always been zero. The ceiling continues to get higher. When that ceiling comes down, we've got economic problems.
quote:
Price controls are a simple and effective tool.
When has this been consistent true?
quote:
But, I'm not going to argue any more because I clearly am 100% correct on this issue.
Shocker coming from someone who can't survive without her capitalist father's money. Or at least that's the character you play on these boards.
Posted on 8/22/16 at 1:15 pm to LSUFanHouston
quote:
If price controls reduced that return to $140 million... you are telling me the company would not still spend $100 million?
The issue isn't the dollar amount.
The issue is risk aversion and resource allocation.
The proportion of resources to patent the next Viagra vs a drug that slows the rate of demyelination in Huntingtomn's will skew even worse compared to now.
Posted on 8/22/16 at 1:15 pm to yoga girl
quote:
No. Minimum wage workers at the current rate are essentially indentured servants enriching their employers by allowing the employer to pay substandard wages.
Our minimum wage level is a disgrace.
How many actual adults - beyond school age adults - who have to pay for their own life - actually are paid minimum wage?
Even the McDonalds near my house has STARTING wages that are $1.75/hr above min wage.
Posted on 8/22/16 at 1:16 pm to yoga girl
quote:
No. Minimum wage workers at the current rate are essentially indentured servants enriching their employers by allowing the employer to pay substandard wages.
there will always be a minimum wage. Unskilled workers will never be paid a "living" wage. If the living wage is raised all other wages will be raised also...to offset rising costs the new minimum (living) wage would still have the same buying power as before
Posted on 8/22/16 at 1:17 pm to LSUFanHouston
quote:
Even the McDonalds near my house has STARTING wages that are $1.75/hr above min wage.
It's $12-$15 here. Market forces at work..
Posted on 8/22/16 at 1:19 pm to Volvagia
quote:
The issue is risk aversion and resource allocation.
The proportion of resources to patent the next Viagra vs a drug that slows the rate of demyelination in Huntingtomn's will skew even worse compared to now.
If you are concerned about this, there are ways to address this using monetary and non-monetary things.
For example, we could offer double R&D tax credits for research into certain medical conditions. We could also target government/public research university funding into those areas.
Posted on 8/22/16 at 1:22 pm to Darth_Vader
And people wonder why premiums are increasing.
Bc the cost of care is increasing
Bc the cost of care is increasing
This post was edited on 8/22/16 at 1:23 pm
Posted on 8/22/16 at 1:23 pm to Volvagia
quote:
Your 700 dollar smart phone is probably being made "at cost" of around 200
Actually, Mylan's 2015 net income was slightly less than 9% of total revenue. Apple's 2015 net income was nearly 23% of total revenue.
A product like the EpiPen cannot be viewed in a vacuum. It helps support the entire Mylan portfolio.
Posted on 8/22/16 at 1:31 pm to slackster
quote:
A product like the EpiPen cannot be viewed in a vacuum. It helps support the entire Mylan portfolio.
So, the parents of children with allergies should be required to support Mylan's portfolio?
Posted on 8/22/16 at 1:32 pm to yoga girl
quote:
Price controls are not "over regulation."
They are always over regulation. They didn't work for Nixon or Chavez. But they do add significantly to the bureaucracy and help create shortages and black markets.
And I definitely have no wish to live under a micro-managing king that decides pricing by his/her whims.
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