WASHINGTON — The House Oversight Committee released two major reports Wednesday that expose the internal strategies used by drug makers Celgene and Teva to repeatedly jack up the price of their blockbuster drugs revlimid and copaxone.
The reports, which are the culmination of an 18-month investigation based on internal company documents, outline in vivid detail how both drug makers raised their prices at will and plotted to keep lower-cost alternatives off the market.
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The U.S. patent system grants protection, by the U.S. government on behalf of the American People, to intellectual property, for the purpose of encouraging commerce. It allows companies exclusive “rent-seeking” abilities on their products. When companies abuse their patents to the detriment of the American People, whether through excessive rent-seeking (aka, price gouging) or through excessive executive compensation relative to median- or lowest-paid employees, then it is the prerogative of the U.S. government to suspend or revoke any or all patents granted to that company. I encourage Congress to pass legislation directing the U.S. patent office to act thusly, in such cases.
Your article was very interesting. Bad memories surface. Cancer steals your loved ones. Emotionally and monetarily people are left bankrupt . Corporations and presidents and board of directors need to be held responsible for spike pricing. Make them pay. Prison, fines wealth and real estate from them all belongings. Cancer kill you one way or the other.
Not Surprised worked at Celgene for several years and it was a very unethical place to work. A very combative environment and difficult to have an independent view from management
You’ve given Teva too much slack. R&D is a deduction from Gross Revenue; it’s an expense, and thus Gross Revenue is the proper denominator. Otherwise, you’ve double deducted.