Gilead Sciences (GILD): A drug manufacturer willing to kill the sick in order to profit

Friday, April 4, 2014

Good afternoon:

Behold: The invisible hand of the market commits murder.

Neoliberals insist that the free market (i.e., unregulated) is the only way to go. They assure us that the “invisible hand” of greed will encourage competition and promote efficiency resulting in better and cheaper products.

Instead, it produces monopolies that can kill.

CBS is reporting today:

Sovaldi, a new hepatitis C treatment, can cure up to 90 percent of patients within three months. There’s just one problem: The drug costs $1,000 a day. That price tag has thrown the biotechnology world into turmoil, as lawmakers and insurance companies complain that Sovaldi’s maker is trying to milk desperate patients.

Doctors are understandably finding it hard to pass over a drug that is so effective. As a result, Sovaldi’s manufacturer, Gilead Sciences (GILD), is raking in the dough, while its shares have soared 53 percent over the last year. Sovaldi, in fact, may generate the biggest sales ever for a drug’s first year. It could bring in a jaw-dropping $7 billion to $10 billion in sales this year alone, analysts say.

Hepatitis C can eventually lead to cirrhosis of the liver and liver cancer. With the exception of Sovaldi, there is no cure.

Approximately three million Americans suffer from Hepatitis C. Many of them were infected by intravenous drug use. Many are poor. More than half are veterans, prisoners, uninsured or on Medicaid, according to the New York Times.

The price of Sovaldi has nothing to do with the cost to produce it.

Gilead, which manufactures Sovaldi, charges what it believes the market will bear. For example, it sells it at a 99% discounted price in Egypt.

If someone dies because they cannot afford to pay $1,000 per day, so what?

Gilead could obviously care less.

CBS reports:

Gilead wants to tier its pricing based on a country’s per-capita income. So patients in the U.K would pay about $57,000, Reuters reports, while Germans would pay $66,000 and Americans are paying $84,000.

Ain’t capitalism wonderful.

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Fred

6 Responses to Gilead Sciences (GILD): A drug manufacturer willing to kill the sick in order to profit

  1. ed nelson says:

    This is a pretty good business plan!

    Since it is now known that the world as we know it is mostly in collapse mode, there is a ” redirection” of efforts in regards to… the next best place to… extract from!

    INOW’s: (here may I digress: Remember the movie with Edward G. Robinson… called: “Soilant Green”?

    Well if you remember that movie, then you remember that it was about something horrible, in the usual concept of what our culture would condone!

    In the futuristic movie, they… ”Recycled human beings into some kind of food product, which was called: Soilent Green.

    But in todays… (2014 +/-… ), There may be a kind of … what’s the word… kind of a flip side to that, such as: Here I might say: that the point is: that a concept that is nothing new in the world will come into play, and that might be ascribed or referred to as: Extraction, and believe it! It is the same thing as Vampirism!!

  2. Kelly Payne says:

    they are obviously price gouging. they are grossly over charging.

  3. Trained Observer says:

    Big Pharma doesn’t spend $ billions on often fruitless research for drugs that fail to pan out only to give away its all too few home runs.

    Reply

  4. bettykath says:

    ah, greed. Nothing like it to destroy the planet and all living things on it.

  5. Two sides to a story says:

    One of my brothers contracted Hepatitis C while in the army in the late 70s – it’s commonly passed on their during the military’s group vaccination processes and there’s an astounding rate of people who contract it in the military.

    His body happened to clear it and he’s no longer positive. Helps that genetically speaking, my mom’s family has super good immune systems.

    It’s really to people’s advantage to steer clear of pharmaceuticals and look into natural remedies and healing processes instead. There are very few diseases that aren’t treatable with a combination of diet, natural plant-based remedies, and mind control. Once you indulge in the pharma experimental concoctions you may be damaging your body beyond repair.

    • gblock says:

      I disagree. Although there are cases in which this is true, a lot of strep and staph infections can lead to serious complications or death if not treated with antibiotics.

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