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Thursday, December 18, 2014

The Great Generic Drug Rip-Off

Big Pharma has followed the only avenue left to reap billion-dollar profits: jack up the price of generics.

What happens when rapacious cartels run out of billion-dollar-profit products? They jack up the price of what was previously low-cost. And why are they able to raise prices by 388% to 8,000% at will? Because they can. That's the whole point in having a cartel that is enabled and enforced by the cartel's toadies and apologists in the central state (federal government): price increases can be imposed on the government and the private sector at will.
I was alerted to the extraordinary price increases in widely used generic drugs by Ishabaka (M.D.), who forwarded this fact sheet issued by the office of Senator Bernie Sanders: (Chart is reproduced below)

Staggering Price Increases for Generic Drugs

"Rep. Elijah E. Cummings and Senator Bernard Sanders sent letters to 14 drug manufacturers requesting information about the escalating prices of generic drugs used to treat everything from common medical conditions to life-threatening illnesses. Data was provided by the Healthcare Supply Chain Association (HSCA) on recent purchases by group purchasing organizations (GPOs) of ten generic drugs."

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