Insulin prices

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anonymous said:
If you really want the truth, follow the money- find out how much we have to pay the PBMs in order to get covered on insurance at all.
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I rarely see anything reported about this, and its a shame. The OP links to another misleading article led by our agenda-driven media. From the article:

"A person with type 1 diabetes incurred annual insulin costs of $5,705, on average, in 2016. The average cost was roughly half that at $2,864 per patient in 2012, according to a report due to be released on Tuesday by the nonprofit Health Care Cost Institute (HCCI).

The figures represent the combined amount paid by a patient and their health plan for the medicine and do not reflect rebates paid at a later date."

The fact is that insulin manufacturers now pay astronomical rebates back to the PBMs/insurance companies, upwards of 60% and sometimes more. So patients may in fact be paying less. Just a minuscule detail to leave out, huh? What's the cost of the insulin regimen after we pay those huge rebates back to the health plan?!? ( which they of course don't share with the patient)
 












It's true articles generalize and lack depth of analysis to tell the whole story. It's not fair to demonize just one part of the system and we need drug research for new medicines. How does Lilly justify price increases on the portion that flows to it's bottom line? Inflation.. Congressional hearings on drug pricing starting this week and insulin will likely be part of the discussion.
congressional hearings drug pricing


anonymous said:
I rarely see anything reported about this
, and its a shame. The OP links to another misleading article led by our agenda-driven media. From the article:

"A person with type 1 diabetes incurred annual insulin costs of $5,705, on average, in 2016. The average cost was roughly half that at $2,864 per patient in 2012, according to a report due to be released on Tuesday by the nonprofit Health Care Cost Institute (HCCI).

The figures represent the combined amount paid by a patient and their health plan for the medicine and do not reflect rebates paid at a later date."

The fact is that insulin manufacturers now pay astronomical rebates back to the PBMs/insurance companies, upwards of 60% and sometimes more. So patients may in fact be paying less. Just a minuscule detail to leave out, huh? What's the cost of the insulin regimen after we pay those huge rebates back to the health plan?!? ( which they of course don't share with the patient)
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If you allow government to control drug prices, what's next? Where does it stop?
College tuition
Starbucks coffee


anonymous said:
It's true articles generalize and lack depth of analysis to tell the whole story. It's not fair to demonize just one part of the system and we need drug research for new medicines. How does Lilly justify price increases on the portion that flows to it's bottom line? Inflation.. Congressional hearings on drug pricing starting this week and insulin will likely be part of the discussion.
congressional hearings drug pricing
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Nothing wrong with making money, not even lot of $$$$$$$$$$$$...I'm just glad our biggest customer for our products is willing to pay full price with no price negotiation .. Cry me a river about how poor pharma is just barely making it...(Colombian Drug Lords are envious of our biz model)

For those with good sense not just to click on any links , summary of links below.
2017 R&D spend approx $5.28 Billion - WOW
2017 Marketing spend approx. $6.59 Billion WOW WOW WOW (maybe spend less on reps and more on R&D?, extra billion might find cure for cancer or at least new wrinkle cream)

Do some research..heck read the Company financials (hint.. this info won't be in bold print on page 1)

https://www.statista.com/statistics...iture-on-research-and-development-since-2007/
https://www.statista.com/statistics/517713/eli-lilly-marketing-expenses/

Never Mind...here's 2nd Qtr 2018 numbers (R&D $1.333 Billion! Marketing $1.654 BILLION)
https://investor.lilly.com/news-rel...trong-second-quarter-2018-results-revises-eps
Quote:
Research and development expenses increased 5 percent, to $1.333 billion, or 21.0 percent of revenue. This increase was primarily due to additional late-stage development expenditures. Marketing, selling, and administrative expenses decreased 4 percent, to $1.654 billion, due to decreased expenses related to late life-cycle products, partially offset by increased expenses related to new pharmaceutical products.
 






Former Pfizer head proposal for inclusion in PhRMA
His focus appears to be on established drug price increases.
Easy for him to propose this now that he's not working in the industry anymore.
Price Cap Proposal


anonymous said:
Nothing wrong with making money, not even lot of $$$$$$$$$$$$...I'm just glad our biggest customer for our products is willing to pay full price with no price negotiation .. Cry me a river about how poor pharma is just barely making it...(Colombian Drug Lords are envious of our biz model)

For those with good sense not just to click on any links , summary of links below.
2017 R&D spend approx $5.28 Billion - WOW
2017 Marketing spend approx. $6.59 Billion WOW WOW WOW (maybe spend less on reps and more on R&D?, extra billion might find cure for cancer or at least new wrinkle cream)

Do some research..heck read the Company financials (hint.. this info won't be in bold print on page 1)

https://www.statista.com/statistics...iture-on-research-and-development-since-2007/
https://www.statista.com/statistics/517713/eli-lilly-marketing-expenses/

Never Mind...here's 2nd Qtr 2018 numbers (R&D $1.333 Billion! Marketing $1.654 BILLION)
https://investor.lilly.com/news-rel...trong-second-quarter-2018-results-revises-eps
Quote:
Research and development expenses increased 5 percent, to $1.333 billion, or 21.0 percent of revenue. This increase was primarily due to additional late-stage development expenditures. Marketing, selling, and administrative expenses decreased 4 percent, to $1.654 billion, due to decreased expenses related to late life-cycle products, partially offset by increased expenses related to new pharmaceutical products.
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There is a solution to high insulin prices. Downsize the DBU! Way too many reps and managers! There isn’t any real innovation coming from the DBU in the near future! Nasal glucagon, if it’s affordable (which it won’t be) won’t be a big money maker for Lilly! So many bad decisions coming from David Ricks! Formulary coverage determines sales for the most part!
 
























Lilly like other companies has decided to charge 'what the market will bear' - in this case for insulin. I supposed this is what is taught nowadays in marketing class....but it is a huge mistake. A 'fair price' approach to products is really what motivates customer loyalty and long term success. But like so many bad decisions coming from Lilly leadership in the last 20 years (recall the 1.2B fine for off-label selling; the 2.2B write-off of PCS) the company now faces more scrutiny and reputation decline. And, there is no point in blaming PBMs or insurance companies or anyone else. Take a look at how Schwab rates Lilly - a 'C' rating....Autozone has a better rating. Abbott, Merck and, heck, every other pharma has out-paced Lilly. If Ricks follows the path of Sidney Terrell et al, who clearly was on another planet, Lilly may not even be 'C' rated.
 






anonymous said:
Lilly like other companies has decided to charge 'what the market will bear' - in this case for insulin. I supposed this is what is taught nowadays in marketing class....but it is a huge mistake. A 'fair price' approach to products is really what motivates customer loyalty and long term success. But like so many bad decisions coming from Lilly leadership in the last 20 years (recall the 1.2B fine for off-label selling; the 2.2B write-off of PCS) the company now faces more scrutiny and reputation decline. And, there is no point in blaming PBMs or insurance companies or anyone else. Take a look at how Schwab rates Lilly - a 'C' rating....Autozone has a better rating. Abbott, Merck and, heck, every other pharma has out-paced Lilly. If Ricks follows the path of Sidney Terrell et al, who clearly was on another planet, Lilly may not even be 'C' rated.
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Lilly is going forward with “generic” insulin! No, first of all the biosimilar Humalog will be coming out soon. Lilly wants to look like the good guy in the public’s eye! By saying they are lowering the price of insulin with a generic version is a complete lie!!!! Lilly is trying to stave off the competition from producing a bio Similar! The only thing that is changing is the LABEL! Just slap on a “generic” label!!ll Look Lilly, insulin lispro= Humalo! No,you don’t even appear to do anything noble!!
 












anonymous said:
So right. A lesson in how medications get to market and the gouging by the PBMs is eye opening.
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It has always been about money. All the slogans, company mission, etc., has always been, is now, and will always be a huge, steaming pile of unadulterated, prime bullshit.
Money first, patients last for Pharma, PBMs, Hospitals Medicare, Medicaid, all private insurance, all doctors, PA’s NP’s......did I leave out any of the profit mongers.
But.....Pharma improves people’s quality and length of lives. So do the others. Why shouldn’t we/they make a buck?
 






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