Killing with medical neglect

The article Drug makers have tripled the prices of top Medicare drugs by Beth Mole (Ars Technica) writes,

“Overall, the average lifetime price increase for the top 25 drugs was 226 percent. The highest increases were seen in drugs that have been on the market the longest. For example, drugs that were on the market for under 12 years had an average lifetime price increase of 58 percent, while those on the market for 20 or more years had an average lifetime increase of 592 percent.”

These are medications to help people. Their primary purpose now is to help the shareholders of the companies who own the patents on them. If someone gets a medical benefit from them, then, sure, I guess that’s OK, too.

But society and the economy absolutely don’t care if that happens, else we wouldn’t have allowed the prices to rise that high. That it’s paid for by a government program that’s funded by all of our taxes is even worse.

The companies are simply milking the government, while enjoying a reputation for business savvy among the exact same people who think that the government should stay out of business, instead letting those companies just handle things directly—and, supposedly, more efficiently.

But those companies don’t function at all without these government subsidies. It’s the only reason they’re successful at all: their government-granted monopolies called patents, together with a government insurance program that is legally required to pay whatever price they ask.

“In 2021, Medicare Part D prescription drug plans spent $80.9 billion on these top 25 drugs, which were used by more than 10 million enrollees. AARP noted in its report that Medicare Part D enrollees take an average of four to five medicines each month, and 20 percent of older adults report using cost-coping strategies like skipping doses or not filling prescriptions to save money.”

Mission accomplished: provide the semblance of trying to care for the aged, while implicitly encouraging them to kill themselves sooner by skipping medications—incurring discomfort, if not suffering, along the way—but the primary goal remains achieved: lots of profits for shareholders of pharmaceutical companies. It’s a gold mine. You should totally invest in these companies. They guarantee a good rate of return.

Just don’t ask how they do it, because it’s a highly immoral business model—or perhaps amoral, since these entities don’t actually comprehend a model of the world that includes wishy-washy concepts like morality. Why not? Because there’s no money in morality. There’s literally no upside for being good in this society.

“The report lands amid drug cost-cutting measures in the Inflation Reduction Act (IRA). The act requires drug companies to pay rebates to Medicare when they increase the price of drugs faster than the rate of inflation. And, under IRA provisions, Medicare will soon begin negotiating prices of drugs directly with manufacturers. On September 1, the Centers for Medicare & Medicaid Services will announce the first 10 drugs selected for price negotiations. Some of the drugs expected to be announced are among the top 25 costliest drugs analyzed in the AARP report.”

The party may be over, though, but I wouldn’t count these companies out. I’ll believe the hopeful formulation above when I see it.

“The Biden administration has said it will defend the IRA’s price negotiation program vigorously.”

Sure, sure, buddy. I’ll believe it when I see it. Go for it, though! Die Hoffnung stirbt zuletzt.