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this post was submitted on 24 Aug 2024
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Haha no they meant what they said.
They're not giving up their pay/bonuses.
The correct answer is neither.
Miracle drugs are almost exclusively funded, or heavily subsidized, by the public sector. Typically through NIH grants, or other public funding mechanisms through the University system.
R&D budgets for a big pharma go to things like reformulating existing brand name drugs, to prevent them going generic as they are supposed to under current law. Or other high return, reduced effort, drugs i.e. new dick pills, narcotics, etc.
Executive pay and bonuses are not going anywhere, no matter what happens with these drug prices. They will cut their company to the bone, and then collude with private equity to take them private and gut it, before they ever considered cutting down their bonuses or stock options.
I benefit from an orphan drug, and the R&D was most definitely subsidised by the public purse.
My insurance pays a few grand a month for it.
The mfg coupon covers most of the rest, minus a copay.
This is the second iteration of the original drug. The first hasn’t meaningfully fallen in price and only the original company can manufacture and distribute the generic even under the name of competitors.
There was no breakthrough in the second iteration, and the logic to solve the “problem” they solved was straightforward. So now I pay more, for an anecdotally less effective version that addresses a risk irrelevant to me but present in the original.
There is yet a third iteration on the way.
Shock revelations:
Nationalise pharma research, if not the manufacturers.
Also, generics are often manufactured in countries with, shall we say, fewer controls and regulations. Know who makes those pills and where. If you can’t stomach the FDA reports on that manufacturer, find a pharmacy who will sell you something else…
This is correct. We pay for R&D, they keep all the profits.