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  #61  
Old 05.01.2016, 17:12
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Re: Turing Pharmaceuticals in Baar, Switzerland

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No, Turing in the US bought a loss-making drug and jacked up the price so it would be profitable.
Not profitable at $13.50 a pop, when the rest of the world can make and sell it at a profit for less than $1.00?

"In India, over a dozen pharmaceutical companies manufacture and sell pyrimethamine tablets and, multiple combinations of generic pyrimethamine are available for a price ranging from US$0.04–$0.10 each (3–7 rupees).[29][30][31][32]

In the UK, the same drug is available from GSK at a cost of US$20 (£13) for 30 tablets (approximately $0.66 each).[33]

In Australia, the drug is available in most pharmacists at a cost of US$9.35 (A$12.99) for 50 tablets (approximately US$0.18 each).[34]

In Brazil, the drug is available for R$0.07 a pill, or about US$0.02.[35]

In Canada, the drug was reportedly discontinued in 2013 but hospitals may make the drug in-house when it is needed.[36] As of December 2015, Daraprim imported into Canada directly from GSK UK is available from an online pharmacy for US$2.20 per tablet.[37]

On October 22, 2015, Imprimis Pharmaceuticals announced it has made available compounded and customizable formulations of pyrimethamine and leucovorin in oral capsules starting as low as $99.00 for a 100 count bottle in the United States.[38]"

Tom
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  #62  
Old 05.01.2016, 20:26
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Re: Turing Pharmaceuticals in Baar, Switzerland

The former owner of Daraprim, Impax Laboratories, was selling about $5 million of this product (in the US), according to Shkleri. Turing Pharmaceuticals then paid $55 million in September for the licensing rights to this product.

At $13.50, Impax was selling about 370,000 tablets a year to reach $5 million in revenues. Assuming that Turing could maintain the sales of 370,000 units per year at $750 a tablet, this would yield revenues of $277.5 million, allowing the purchase price of $55 million to be paid off in less than three months. A great business if you don't end up in jail before the first quarter is over.
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  #63  
Old 06.02.2016, 11:48
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Re: Turing Pharmaceuticals in Baar, Switzerland

Watch the narcissist display his a****** persona.
Together with his legal counsel, he makes a mock of how the Fifth amendment can be broken right in legalities.

Anyway, this jerk like many others, that go unchecked and unchallenged (such as the hypocrite politicians that take $$$$$ from big pharma), is the product of the corrupt society that he was raised in - the ruthless capitalism.



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  #64  
Old 06.02.2016, 15:12
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Re: Turing Pharmaceuticals in Baar, Switzerland

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Together with his legal counsel, he makes a mock of how the Fifth amendment can be broken right in legalities.
Come again now?
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Old 06.02.2016, 17:45
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Re: Turing Pharmaceuticals in Baar, Switzerland

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Watch the narcissist display his a****** persona.
Together with his legal counsel, he makes a mock of how the Fifth amendment can be broken right in legalities.

Anyway, this jerk like many others, that go unchecked and unchallenged (such as the hypocrite politicians that take $$$$$ from big pharma), is the product of the corrupt society that he was raised in - the ruthless capitalism.



I have to say, his antics here did make me laugh. he doesn't give a .
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Old 06.02.2016, 18:57
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Re: Turing Pharmaceuticals in Baar, Switzerland

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I have to say, his antics here did make me laugh. he doesn't give a .
And it's hard not to somehow like anyone who can laugh in the face of those pompous politicians.... Not that I like this guy.
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  #67  
Old 07.02.2016, 17:02
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Re: Turing Pharmaceuticals in Baar, Switzerland

Comment on Foxnews:
"Capitalism is the greatest engine of human justice and human improvement and human happiness mankind has ever invented and this little weazel is making us all look bad"

Except that's not what capitalism is about, capitalisms sole purpose is it maximasation of profitis, for which Shkreli is a poster child. If they were honest they'd put him on a pedestal and worship him.
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  #68  
Old 11.02.2016, 09:35
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Re: Turing Pharmaceuticals in Baar, Switzerland

ok, i came across this 'article' in the independent, its loosely related.

Someone keeps stickering over these 'misleading' pro-pharma ads in Westminster

"Pharma giant Pfizer has been distributing misleading ads about drug development costs at Westminster Tube station in an effort to sway both the public and MPs, medical charity Médecins Sans Frontières (MSF) has claimed."





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  #69  
Old 11.02.2016, 10:48
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Re: Turing Pharmaceuticals in Baar, Switzerland

Well MSF are not wrong per se. They are just showing the other side of the coin (or maybe just the edge of the coin).

Often universities and charities (both publicly funded) do get involved in clinical research. On the other hand it can take and often does take over 12 years of development to go from drug discovery to market.

It can cost just £114 million pounds to develop a drug. On the other hand some easily cost over a billion to develop.

When pricing drugs it is not just the manufacturing costs that have to be taken into account, but also to cover the research cost of that drug and the costs of the 100s of drugs that never made it to market. Some drugs will be sold cheaper in emerging markets as people there cannot afford higher costs but developed countries can and therefore they have to shoulder more of the burden of the development costs.

And yes these companies still have to make a profit on all of this.
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Old 11.02.2016, 10:59
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Re: Turing Pharmaceuticals in Baar, Switzerland

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Comment on Foxnews:
"Capitalism is the greatest engine of human justice and human improvement and human happiness mankind has ever invented and this little weazel is making us all look bad"

Except that's not what capitalism is about, capitalisms sole purpose is it maximasation of profitis, for which Shkreli is a poster child. If they were honest they'd put him on a pedestal and worship him.
The alternative would be socialism, where its purpose is maximization of taxes without the maximization of returns. In the end any drug would cost more, as is always the case with the Euro welfare.

Last edited by Capo; 11.02.2016 at 11:39.
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  #71  
Old 11.02.2016, 11:19
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Re: Turing Pharmaceuticals in Baar, Switzerland

Then there's the story of how an industrial chemical was put through chemical trials and MS sufferers in the US can now pay $54,900 per year to buy it. The company did of course figure out the dosing and paid for the clinical trials but didn't really invest in R&D to "discover" it since it was simply an industrial chemical. A fine write-up on it:

http://blogs.sciencemag.org/pipeline...cfideras_price

A commenter notes that there is an equivalent product that will set back a user about $104 for a three-year supply.
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  #72  
Old 11.02.2016, 11:59
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Re: Turing Pharmaceuticals in Baar, Switzerland

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Then there's the story of how an industrial chemical was put through chemical trials and MS sufferers in the US can now pay $54,900 per year to buy it. The company did of course figure out the dosing and paid for the clinical trials but didn't really invest in R&D to "discover" it since it was simply an industrial chemical. A fine write-up on it:

http://blogs.sciencemag.org/pipeline...cfideras_price

A commenter notes that there is an equivalent product that will set back a user about $104 for a three-year supply.
Well then - Consumers will quickly migrate to the cheaper alternative, the original company will lose market share and hence miss the C/F it expected.
Free market at work.
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  #73  
Old 11.02.2016, 12:10
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Re: Turing Pharmaceuticals in Baar, Switzerland

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The alternative would be socialism, where its purpose is maximization of taxes without the maximization of returns. In the end any drug would cost more, as is always the case with the Euro welfare.
Nonsense. Health expenditures per capita in western Europe are about half those in the USA.

Quote:
When pricing drugs it is not just the manufacturing costs that have to be taken into account, but also to cover the research cost of that drug and the costs of the 100s of drugs that never made it to market. Some drugs will be sold cheaper in emerging markets as people there cannot afford higher costs but developed countries can and therefore they have to shoulder more of the burden of the development costs.

And yes these companies still have to make a profit on all of this.
The typical big pharma company uses revenues rouhgly as follows:
- 1/4 is used for R&D
- 1/4 is used for actual production
- 1/4 is used for marketing
- 1/4 is profits (often higher for US big pharma)

Whether 25% profit margin is justified is anybody's guess.
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  #74  
Old 11.02.2016, 12:14
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Re: Turing Pharmaceuticals in Baar, Switzerland

There are worse offenders out there...Gilead's Hep-C drug, which can effectively cure the disease, was, as I understand, created by a Veteran's Affairs Dr. who sold the drug to Gilead. In return, they are kind enough to charge the VA administrations a discounted price of approx. $50k per dose, making billions off the US market alone.


The cost to produce is approx. $1.5k per regimen. There are hundreds of thousands of patients in the US alone that could be cured, but the insurance companies can't afford the cost and neither can the VA. At $10k per regimen, they would make $5B on 500k patients. The VA alone has 200k patients that would benefit, but they are out of funds.


They charge Germany and France approx. EUR 40k.
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Old 11.02.2016, 12:15
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Re: Turing Pharmaceuticals in Baar, Switzerland

That is if there are cheaper alternatives. Although the base compound is dimethyl fumarate, the adminstered form may be different and similar compounds may have very different efficacy. It could be they developed the capsule to release the dose over a certain time and that is why they got a patent. The comments also mention they be looking to do further trials with it in combination with other compounds so I guess the price is also including the budget for this. It is also mentioned that although 55k is the RRP not many people actually pay this amount.
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  #76  
Old 11.02.2016, 12:41
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Re: Turing Pharmaceuticals in Baar, Switzerland

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There are worse offenders out there...Gilead's Hep-C drug, which can effectively cure the disease, was, as I understand, created by a Veteran's Affairs Dr. who sold the drug to Gilead. In return, they are kind enough to charge the VA administrations a discounted price of approx. $50k per dose, making billions off the US market alone.


The cost to produce is approx. $1.5k per regimen. There are hundreds of thousands of patients in the US alone that could be cured, but the insurance companies can't afford the cost and neither can the VA. At $10k per regimen, they would make $5B on 500k patients. The VA alone has 200k patients that would benefit, but they are out of funds.


They charge Germany and France approx. EUR 40k.
But it is great for the rest of the world that the US subsidises our healthcare.
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  #77  
Old 11.02.2016, 17:38
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Re: Turing Pharmaceuticals in Baar, Switzerland

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There are worse offenders out there...Gilead's Hep-C drug, which can effectively cure the disease, was, as I understand, created by a Veteran's Affairs Dr. who sold the drug to Gilead. In return, they are kind enough to charge the VA administrations a discounted price of approx. $50k per dose, making billions off the US market alone.

The cost to produce is approx. $1.5k per regimen. There are hundreds of thousands of patients in the US alone that could be cured, but the insurance companies can't afford the cost and neither can the VA. At $10k per regimen, they would make $5B on 500k patients. The VA alone has 200k patients that would benefit, but they are out of funds.

They charge Germany and France approx. EUR 40k.
Occasionally, there is a company that puts human lives ahead of corporate profits. Consider the case of Volvo and its patent on the three-point seat belt:

"(The three-point seat belt) was a revolutionary invention, and one that probably could have netted Volvo a fortune on patents alone.
But Volvo didn't do that — they gave the patent away because they decided it was too important to keep to themselves. From the story:
The reason the three-point seatbelt is so widely adopted is actually because Volvo opened up the patent so that any car manufacturer could use it in their design. They decided that the invention was so significant, it had more value as a free life saving tool than something to profit from.
Volvo’s managing director Alan Dessell is quoted as saying: “The decision to release the three-point seat belt patent was visionary and in line with Volvo’s guiding principle of safety.” "
The company that patented the cheap industrial chemical for use as an MS drug paid its CEO $18.6 million in 2014. Volvo apparently paid its CEO less.

See p.47 for CEO of pharma company's 2014 earnings:

http://www.sec.gov/Archives/edgar/da...m#toc786327_27
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  #78  
Old 11.02.2016, 18:23
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Re: Turing Pharmaceuticals in Baar, Switzerland

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ok, i came across this 'article' in the independent, its loosely related.


"Pharma giant Pfizer has been distributing misleading ads about drug development costs at Westminster Tube station in an effort to sway both the public and MPs, medical charity Médecins Sans Frontières (MSF) has claimed."
From experience, some products do actually take that long and cost that much to hit the market. I don't think people realise what exactly is involved in developing a brand new drug. Yes, that may be an extreme, but I would say 90% of drug development falls between what Pfizer and MSF quote.
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  #79  
Old 11.02.2016, 21:31
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Re: Turing Pharmaceuticals in Baar, Switzerland

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From experience, some products do actually take that long and cost that much to hit the market. I don't think people realise what exactly is involved in developing a brand new drug. Yes, that may be an extreme, but I would say 90% of drug development falls between what Pfizer and MSF quote.
Oh yes, and long projects allow more executive management salaries to be added to the cost of the project. The top 20 executives in the pharma industry earned between $14 million and $42 million in 2015:

http://www.fiercepharma.com/special-...biopharma-ceos

Everyone has their price to get out of bed in the morning. It apparently takes a lot of money to motivate pharma executives to get out of their pyjamas each day.
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Old 11.02.2016, 21:44
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Re: Turing Pharmaceuticals in Baar, Switzerland

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But it is great for the rest of the world that the US subsidises our healthcare.
The irony.
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