Posted on 12/17/2014 7:48:23 PM PST by grundle
They cited the example of the asthma drug albuterol sulfate. The average cost for a bottle of 100 pills was $11 last October, the pair said. The average charge by this April was up to $434.
The antibiotic doxycycline hyclate cost $20 last October for a bottle of 500 tablets, the congressmen observed. By April, the price was $1,849.
Experts say generics are growing more expensive because of reduced competition among manufacturers and shortages of raw materials. However, that might not explain triple-digit price hikes for some drugs.
"Most generics are increasing in price by an average 10% a year," said Bryan Birch, chief executive of Truveris, a New York company that monitors prescription drug costs. "But we've seen some popular drugs increase by more than 650% in the last year."
He cited simvastatin, the generic equivalent of cholesterol drug Zocor, and clomipramine hydrochloride, the generic version of antidepressant Anafranil. Prices for each rose more than 650% from June 2013 to this June, Birch said.
Geoffrey Joyce, a professor of pharmaceutical economics at USC, said he's seen the cost of some generic meds rise as much as 1,000% in recent months. He called these increases "obscene."
"The question is why," Joyce said.
Each of the experts I spoke with cited industry consolidation as a key reason for rising prices. Rather than the half-dozen or so competitors that many economists believe are necessary to lead to lower prices, only two or three manufacturers now make some generic meds.
(Excerpt) Read more at latimes.com ...
Guantanamo for Bathhouse Barry, and North Korea for the complete morons who voted for him. That would go a long way to resolving the “stupid” in the country.
This is my one word: Government
IOW, it's a tax.
Because all the insurance plans changed (thanks Government for the perfect solution again!) such that we got screwed on prescriptions. Insurance companies started saying “hey, choose generics”, and the generic manufacturers saw their windfall and responded accordingly.
I wonder who has investments in generic drug manufacturers that made sure this is what the insurance companies were going to demand in response to thousands of pages of legislation?
I wonder if that was one of the things we needed to pass the bill to find out about, or was that yet another unintended, ends-justified consequence of the absolute unbridled stupidity emanating from DC.
Actually, the Indian pharmaceutical industry (although some contamination incidents have occurred) is world leading and is not located in Mumbai.
I just got cash quotes from several pharmacies for 60 capsules of doxycycline monohydrate 100mg (generic) and the quotes were almost all between $100 and $150.
Did the same with 30 tablets of simvastatin 20mg (generic): The quotes were in the $20s and $30s.
None of these were manufactured by Sun, Cipla, or Ranbaxy.
Don't know what the deal is with the price quotes in the article.
Yeah but doxycycline and albuterol are old long used drugs that should be and were dirt cheap just a few years ago. They have been removed from the generic column with the approval of the FDA and won’t be making it back because they account for around 20 percent of all profits in pharmaceuticals. It is really quite scandalous and costing lives for asthmatics. I’m getting my prescriptions filled from India - where the costs are realistic and what they should be in the USA and what they were before price fixing and monkey business of Obamacare.
Walmart has changed some drug suppliers, and the prices differ greatly. I know because of a RA drug my husband takes, it went from $33, a cash price, and $14 w/ insurance last month to $200 cash price and w/ Insurance it was $100. In January with the new deductible, it will be months before half of it would be covered by insurance.
I refuse to pay that much, so I found a coupon online for K Mart and paid $17.00+ and got a $30 gift card for transferring the prescription to their pharmacy. That meant I got it free plus some money, although I could not use gift card in the pharmacy, I was still pleased. Some stores mail you the gift card and that special goes off 12/24/14.
Coupons from Target, Kroger, Walgreens, CVS, K Mart, and others were online to print out. In my case, CVS did not even have any of this particular drug, so don’t print until you know you can get the prescription filled. The pill bottle will say how many months you have left and take it with you....along with the right coupon.
No problem if next month they don’t have the prescription. I have a paper prescription from the Dr. just in case I have to go to another pharmacy, so I can get it at a reasonable price with a coupon printed from online.
My point is this...there are RXCoupons online for most pharmacies and drugs, but you need to make sure you have the right dosage, prescription drug, and the drugstore has it in stock, before you go for your prescription at that pharmacy; call first. For known drugs in short supply, that have increased greatly, the physician will usually give you a paper prescription with old pharmacy name on it...that you can use anywhere, when you find a good price.
NOW< in my husbands case, this drug is in short supply right now, as one mfger quit making it, and another has a huge backlog...this looks like a problem with so many new people on Medicaid, Medicare, and Obamacare. Or maybe overprescribing of the drug as it is used for Lupus and other issues...more than RA.
I am concerned about how much impact the millions of immigrants will have on the pharmacies and the drug costs. As well as the manufacturer’s ability to keep up with demand, availability is already becoming an issue on this RA drug. ....think about the refugees they want to bring over from Middle East in next five years....and the green card recipients from the Executive Action last week.
I’m ignorant on this one: How does one legally get a prescription filled from India? (My daughter is asthmatic.)
The admin imposed a bunch of standards rules that the old manufacturing facilities - the very ones where generics are made- were not able to meet. Since the profit margins on generics were so low the manufacturers sometimes chose to shut down the facilities rather than pour more capital into upgrading the facilities - it was causing huge shortages last year and the year before.
Doxycyline for birds :
http://www.drsfostersmith.com/product/prod_display.cfm?c=5059+5992+25823&pcatid=25823
There’s always Petmeds
Extortion. Thanks, Obola, for the Anarchist Care Plan.
Yep. Extortion-Care
for the Lobby Gang and the Exempt Gang.
What moron can’t figure out that when the consumer has no stake in the cost of a good or service because SOMEONE ELSE IS PAYING FOR IT WITH SOMEONE ELSE’S MONEY... the consumer simply doesn’t give a rat’s ass about the price.
I swear we are all effing doomed.
For the record, my coinsurance is 20 percent of the total price.
Of course, this is still not as much of an increase as with the drugs mentioned in the article...
Go on the Bacon Diet (HFMPLC). You'll lose weight, and won't need the dope.
FYI
we’re probably not getting the real story but its a given when you have a govt paying for drugs the drug companies are going to find ways to charge more, and also to get people to demand more drugs.....ever see those commercials on tv?......its paying off...
A few years ago it was pointed out that the profit margin for drug companies was about 20%, whereas other businesses had profit margins ranging from 3 to 8%. Have you checked out Forbes lists of Executive Compensation recently. CEOs of drug companies make obscene salaries. They are just plain greedy so and sos taking advantage of people’s dire needs. For shame.
However, if you take good care of yourself, eat nourishing foods, get exercise, stop smoking and heavy drinking, take appropriate supplements, etc. you won’t need much of these drugs. Will serve the SOBs right.
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