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(NASDAQ)   Pharmaceutical firms have agreed to cut prices by 61.7% on average for 67 medicines. Just not for you (unless you're reading this in China)   (nasdaq.com) divider line
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435 clicks; posted to Business » on 04 Dec 2021 at 9:14 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



29 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-12-04 9:26:43 AM  
Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?
 
2021-12-04 9:41:51 AM  
"It's OK; the American government will get their fool of a population to cover the difference. "
 
2021-12-04 9:51:51 AM  

Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?


Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.
 
2021-12-04 9:53:55 AM  
Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.
 
2021-12-04 10:02:11 AM  
Well how will they stay in business?!
 
2021-12-04 10:02:56 AM  

Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.


The free market doesn't work with medicine. If I don't like what say... every cable company in my area is doing, I can choose to forego the service, and enough people decide, "Hey, they all suck", then they either improve, or shrivel up and get replaced (in the case of cable, by streaming services). With medicine, your choices are, "accept care at a price that will leave you in extreme debt at best, flat out bankrupt at worst, or die". That's not a real option, and as a result, most bankruptcies in the US are entirely caused by medical debt, and the overwhelming majority have it as a factor.

Consumers have -zero- ability to keep out of control medical prices in check. The government is the only entity than CAN fix the problem, and in pretty much every industrialized country that isn't the US, they have.
 
2021-12-04 10:09:07 AM  

Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.


But who will take care of the lazy sit at home stock owners and their free Precious??
 
2021-12-04 10:10:11 AM  

trerro: Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.

The free market doesn't work with medicine. If I don't like what say... every cable company in my area is doing, I can choose to forego the service, and enough people decide, "Hey, they all suck", then they either improve, or shrivel up and get replaced (in the case of cable, by streaming services). With medicine, your choices are, "accept care at a price that will leave you in extreme debt at best, flat out bankrupt at worst, or die". That's not a real option, and as a result, most bankruptcies in the US are entirely caused by medical debt, and the overwhelming majority have it as a factor.

Consumers have -zero- ability to keep out of control medical prices in check. The government is the only entity than CAN fix the problem, and in pretty much every industrialized country that isn't the US, they have.


Why do you hate lazy sit at home stock owners??
 
2021-12-04 10:13:02 AM  

Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.


I live in China, have a cold, and don't own a pharmaceutical company. Seems great from my POV.
 
2021-12-04 10:19:51 AM  

Donald_McRonald: Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.

I live in China, have a cold, and don't own a pharmaceutical company. Seems great from my POV.


Have you considered buying one?  Its a bit of a high up front cost but the money really rolls in once you start making boner pills for american males.  They'll pay anything for those.  Just slap a label on the box like 'made from 100% boners' and its easy street.
 
2021-12-04 10:41:49 AM  
Civilized countries buy drugs for their populations in bulk and negotiate a large discount.
 
2021-12-04 10:49:56 AM  

Linux_Yes: Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.

But who will take care of the lazy sit at home stock owners and their free Precious??


I don't understand what this has to do with stock owners, or why they are lazy.

Since insurance is a competetive industry (I think?), wouldn't the one with the lower costs be the more successful one. Or is it because people don't get to choose their own insurance, when its provided by their place of work.

/I own stock in medical companies, amongst others, and I am not lazy. I weren't offended, but rather curious.
 
2021-12-04 10:54:33 AM  

trerro: Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.

The free market doesn't work with medicine. If I don't like what say... every cable company in my area is doing, I can choose to forego the service, and enough people decide, "Hey, they all suck", then they either improve, or shrivel up and get replaced (in the case of cable, by streaming services). With medicine, your choices are, "accept care at a price that will leave you in extreme debt at best, flat out bankrupt at worst, or die". That's not a real option, and as a result, most bankruptcies in the US are entirely caused by medical debt, and the overwhelming majority have it as a factor.

Consumers have -zero- ability to keep out of control medical prices in check. The government is the only entity than CAN fix the problem, and in pretty much every industrialized country that isn't the US, they have.


I am, by no means, praising the American healthcare industry. I work in it. It sucks.
 
2021-12-04 10:59:26 AM  

Marcus Aurelius: Civilized countries buy drugs for their populations in bulk and negotiate a large discount.


Here in America, Obama, Trump, and Biden all promised that they will enact this here, at least until they are safely in office, whereupon they remember who writes the bigger checks.
 
2021-12-04 11:02:40 AM  
Isn't it nice how all republicans support the fact that US public research institutions develop drugs, US companies steal the technology and then give it to the red chinese while having Americans foot the bill.

republicans sure do love red china and hate America.
 
2021-12-04 11:12:21 AM  

BumpInTheNight: Donald_McRonald: Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.

I live in China, have a cold, and don't own a pharmaceutical company. Seems great from my POV.

Have you considered buying one?  Its a bit of a high up front cost but the money really rolls in once you start making boner pills for american males.  They'll pay anything for those.  Just slap a label on the box like 'made from 100% boners' and its easy street.


Like the Chinese aren't known for their love of boner pills they've driven several species to extinction making them.
 
2021-12-04 11:15:48 AM  

Ketchuponsteak: Linux_Yes: Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.

But who will take care of the lazy sit at home stock owners and their free Precious??

I don't understand what this has to do with stock owners, or why they are lazy.

Since insurance is a competetive industry (I think?), wouldn't the one with the lower costs be the more successful one. Or is it because people don't get to choose their own insurance, when its provided by their place of work.

/I own stock in medical companies, amongst others, and I am not lazy. I weren't offended, but rather curious.


84.7% of all company stock is owned by the richest 10% of this nation

A corporation by law is required to bring profits to its stock owners to the best of its ability.

Labor creates value in companies and their stock.

This nation has all but forgotten that and treats labor like shiat.
Thats one of the reasons the middle class is shrinking into the poor class.

Its all for stock owners now.

Labor creates wealth. Labor came before wealth and deserves the higher regard.
-A Lincoln
 
2021-12-04 11:22:03 AM  
 
2021-12-04 11:39:40 AM  

Linux_Yes: Ketchuponsteak: Linux_Yes: Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.

But who will take care of the lazy sit at home stock owners and their free Precious??

I don't understand what this has to do with stock owners, or why they are lazy.

Since insurance is a competetive industry (I think?), wouldn't the one with the lower costs be the more successful one. Or is it because people don't get to choose their own insurance, when its provided by their place of work.

/I own stock in medical companies, amongst others, and I am not lazy. I weren't offended, but rather curious.

84.7% of all company stock is owned by the richest 10% of this nation

A corporation by law is required to bring profits to its stock owners to the best of its ability.

Labor creates value in companies and their stock.

This nation has all but forgotten that and treats labor like shiat.
Thats one of the reasons the middle class is shrinking into the poor class.

Its all for stock owners now.

Labor creates wealth. Labor came before wealth and deserves the higher regard.
-A Lincoln


Oh right, I remember you from the other day. You just communicate in statements, without content.
 
2021-12-04 11:56:11 AM  

Ketchuponsteak: Linux_Yes: Ketchuponsteak: Linux_Yes: Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.

But who will take care of the lazy sit at home stock owners and their free Precious??

I don't understand what this has to do with stock owners, or why they are lazy.

Since insurance is a competetive industry (I think?), wouldn't the one with the lower costs be the more successful one. Or is it because people don't get to choose their own insurance, when its provided by their place of work.

/I own stock in medical companies, amongst others, and I am not lazy. I weren't offended, but rather curious.

84.7% of all company stock is owned by the richest 10% of this nation

A corporation by law is required to bring profits to its stock owners to the best of its ability.

Labor creates value in companies and their stock.

This nation has all but forgotten that and treats labor like shiat.
Thats one of the reasons the middle class is shrinking into the poor class.

Its all for stock owners now.

Labor creates wealth. Labor came before wealth and deserves the higher regard.
-A Lincoln

Oh right, I remember you from the other day. You just communicate in statements, without content.


Youll figure it out eventually.  Just be open to learning.
 
2021-12-04 12:03:20 PM  

BumpInTheNight: Donald_McRonald: Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.

I live in China, have a cold, and don't own a pharmaceutical company. Seems great from my POV.

Have you considered buying one?  Its a bit of a high up front cost but the money really rolls in once you start making boner pills for american males.  They'll pay anything for those.  Just slap a label on the box like 'made from 100% boners' and its easy street.


Fark user imageView Full Size


Enzyte Bob likes the cut of your jib.
 
2021-12-04 12:19:39 PM  

BullBearMS: jerryskid: Isn't it nice how all republicans support the fact that US public research institutions develop drugs, US companies steal the technology and then give it to the red chinese while having Americans foot the bill.

republicans sure do love red china and hate America.

Are we finally admitting that the Centrists are really just Republicans in drag?

Democrats have made giving government the power to negotiate drug prices a central campaign theme for decades. With the power to make it happen, they may fall short yet again.

Senior Democrats insist that they have not given up the push to grant Medicare broad powers to negotiate lower drug prices as part of a once-ambitious climate change and social safety net bill that is slowly shrinking in scope. They know that the loss of the provision, promoted by President Biden on the campaign trail and in the White House, could be a particularly embarrassing defeat for the package, since it has been central to Democratic congressional campaigns for nearly three decades.

However, we all know the Centrists exist to make sure that even when Democrats are in the majority and have the power to act on their longstanding promises, nothing will come of it.

House and Senate moderate Democrats are expressing major doubts over Democrats' efforts to give Medicare the power to negotiate for lower drug prices and to apply those prices to commercial plans.


Given that manchin and slimia are both republicans, I don't see anything ever happening. There is not a Democrat majority in the senate.
 
2021-12-04 12:37:26 PM  

Linux_Yes: Youll figure it out eventually.  Just be open to learning.


Figure what out?

You're not saying anything.
 
2021-12-04 1:11:50 PM  

Linux_Yes: Ketchuponsteak: Linux_Yes: Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.

But who will take care of the lazy sit at home stock owners and their free Precious??

I don't understand what this has to do with stock owners, or why they are lazy.

Since insurance is a competetive industry (I think?), wouldn't the one with the lower costs be the more successful one. Or is it because people don't get to choose their own insurance, when its provided by their place of work.

/I own stock in medical companies, amongst others, and I am not lazy. I weren't offended, but rather curious.

84.7% of all company stock is owned by the richest 10% of this nation

A corporation by law is required to bring profits to its stock owners to the best of its ability.

Labor creates value in companies and their stock.

This nation has all but forgotten that and treats labor like shiat.
Thats one of the reasons the middle class is shrinking into the poor class.

Its all for stock owners now.

Labor creates wealth. Labor came before wealth and deserves the higher regard.
-A Lincoln


That part is simply not true.
 
2021-12-04 1:26:42 PM  

Driver: BumpInTheNight: Donald_McRonald: Bovine Diarrhea Virus: Donald_McRonald: Don't they realize that the pharma companies are supposed to tell the politicians what to do and not the other way around?

Yeah, well, when the Chinese government has the ability to lock you out of their economy and attempt to manufacture their own medications, you bend to their will.
Not exactly a great scenario either in spite of America's less-than-ideal healthcare industry.

I live in China, have a cold, and don't own a pharmaceutical company. Seems great from my POV.

Have you considered buying one?  Its a bit of a high up front cost but the money really rolls in once you start making boner pills for american males.  They'll pay anything for those.  Just slap a label on the box like 'made from 100% boners' and its easy street.

[Fark user image 419x327]

Enzyte Bob likes the cut of your jib.


Enzyte was an 'herbal supplement' (aka 'scam'), not medicine.
 
2021-12-04 1:27:09 PM  

jerryskid: BullBearMS: jerryskid: Isn't it nice how all republicans support the fact that US public research institutions develop drugs, US companies steal the technology and then give it to the red chinese while having Americans foot the bill.

republicans sure do love red china and hate America.

Are we finally admitting that the Centrists are really just Republicans in drag?

Democrats have made giving government the power to negotiate drug prices a central campaign theme for decades. With the power to make it happen, they may fall short yet again.

Senior Democrats insist that they have not given up the push to grant Medicare broad powers to negotiate lower drug prices as part of a once-ambitious climate change and social safety net bill that is slowly shrinking in scope. They know that the loss of the provision, promoted by President Biden on the campaign trail and in the White House, could be a particularly embarrassing defeat for the package, since it has been central to Democratic congressional campaigns for nearly three decades.

However, we all know the Centrists exist to make sure that even when Democrats are in the majority and have the power to act on their longstanding promises, nothing will come of it.

House and Senate moderate Democrats are expressing major doubts over Democrats' efforts to give Medicare the power to negotiate for lower drug prices and to apply those prices to commercial plans.

Given that manchin and slimia are both republicans, I don't see anything ever happening. There is not a Democrat majority in the senate.


Fark user imageView Full Size


They aren't the only two Centrists, and they aren't the only two Democrats who just voted with Trump to kill banking reform.
 
2021-12-04 2:28:02 PM  

majestic: Linux_Yes: ... A corporation by law is required to bring profits to its stock owners to the best of its ability. ...
That part is simply not true.


It's technically untrue on the basis of failure to exclude non-profit and municipal corporations, and it's stated colloquially, but it's true enough for all intents and purposes for what most people think of as 'corporations'. Shareholder primacy has for decades been enshrined in laws, court precedents, management culture, and corporate charters in the US, and for corporations with a charter asserting a for-profit purpose, there is plenty of legal precedent from shareholder lawsuits that failure to maximize shareholder value constitutes breach of fiduciary duty (though usually in the context of major events like mergers rather than over the board's decisions on day-to-day operations).

Forward-looking papers addressing corporate accountability discuss these challenges and the need for changes in both corporate law and governance to overcome them.

Fun read: https://corpgov.law.harvard.edu​/2019/0​2/11/towards-accountable-capitalism-re​making-corporate-law-through-stakehold​er-governance/
 
2021-12-04 2:36:19 PM  

Enigmamf: majestic: Linux_Yes: ... A corporation by law is required to bring profits to its stock owners to the best of its ability. ...
That part is simply not true.

It's technically untrue on the basis of failure to exclude non-profit and municipal corporations, and it's stated colloquially, but it's true enough for all intents and purposes for what most people think of as 'corporations'. Shareholder primacy has for decades been enshrined in laws, court precedents, management culture, and corporate charters in the US, and for corporations with a charter asserting a for-profit purpose, there is plenty of legal precedent from shareholder lawsuits that failure to maximize shareholder value constitutes breach of fiduciary duty (though usually in the context of major events like mergers rather than over the board's decisions on day-to-day operations).

Forward-looking papers addressing corporate accountability discuss these challenges and the need for changes in both corporate law and governance to overcome them.

Fun read: https://corpgov.law.harvard.edu/​2019/02/11/towards-accountable-capital​ism-remaking-corporate-law-through-sta​keholder-governance/


Oh, I understand that most corporations operate that way and it may be in their corporate bylaws. I'm just saying that there is no state/federal law that says so.
 
2021-12-04 4:32:46 PM  

Ketchuponsteak: Why can't insurance companies in USA do the same?

Well, they don't own the hospitals of course. But at least for take home medication.


Pharmacy is a supplemental or separate part of US insurance, including medicare for some reason.  The insurers do negotiate fixed prices on drugs for those plans.  Hilariously in many cases the insurance copay is more than the non-insurance cash price at the pharmacy.
/But single payer can't work in the USA because reasons.
 
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