You don’t need anyone to tell you that drug prices are high. Depending upon the area of the world where you live, the prices may not only be high, they can be astronomical! If you’re familiar with Turing Pharmaceuticals, then you recognize what I’m saying. They recently reported a $14.6 million net loss in their third quarter, which lasts from July till the end of September.
This drug company had recently been in the news, because they purchased the rights to a drug known as Daraprim in mid August. Upon acquiring those rights, they raised the price an unheard of 5000%! To break it down on an easier to understand level, the price of the pill went from $13.50 up to $750.
Daraprim is used by individuals with AIDS and cancer to fight a parasite known as Toxoplasma gondii. This parasite is not uncommon, as it is estimated that up to 60 million Americans carry it at any time. For most people, the parasite does not cause any problems but in individuals with a compromised immune system, it can lead to blindness, seizures or neurological damage.
This greedy money grab invoked the anger of many, including politicians, medical groups and the general public!
Price gouging like this in the specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on. -H https://t.co/9Z0Aw7aI6h
— Hillary Clinton (@HillaryClinton) September 21, 2015
The recent financial report from Turing Pharmaceuticals showed the net revenue on Daraprim and another medication for hypertension, Vecamyl, was at $5.6 million. Even though the company lost money, they continue to defend their financial situation, stating that much money has gone into investment. In addition, they claim that 60% of their revenue is being spent on research and development toward their drugs.
Part of the funds that were set aside for development include what is being used for an intranasal formulation of ketamine. This drug would be used to treat depression and posttraumatic stress disorder (PTSD)
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