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

April 4, 2014

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


Survival of the Wisest

December 12, 2011

Empathy is the basis for true morality.

Empathy is the basis for true morality
by aerie under flickr Creative Commons

Randian neoliberals, as in Ayn Rand, believe in competition and social darwinism. They claim that human life is like a vast jungle and they have adopted “survival of the fittest,” formerly known as the law of the jungle, as the guiding principle of their lives.

They adopted Grover Nordquist’s advice to privatize government as much as possible and drown what little remains of it “in a bathtub” abolishing all laws, regulations, and regulatory oversight.

They claim they want to create the free marketplace that Adam Smith wrote about in the Wealth of Nations; a mystical place controlled by the “invisible hand” of self-interest that they declare to be maximizing short-term profits.

They have elevated greed to the status of not just any god, but the god of gods. That their interpretation ignores Adam Smith’s warning that the marketplace must be regulated to protect competition from the monopolies that inevitably will develop in a truly free marketplace is no trivial matter.

They have committed an egregious sin by creating a philosophy to justify stealing from others that they put together with disparate elements of philosophy, science, economics, and religion as though selecting from different columns on a Chinese menu to feed their ravenous greed.

Survival of the fittest is not a law; it is a description of what happens when a hungry apex predator hunts, kills, and consumes its prey. If there were no other laws at work after approximately 4 billion years of evolution, only apex predators would exist, and possibly none of them either as they would have extinguished themselves by cannibalism.

Natural selection is an evolutionary process that weeds out unsuccessful genetic adaptations. Natural selection is not survival of the fittest.

In a recent study published in the peer-reviewed journal Science, research scientists at the University of Chicago reported that lab rats can show empathy. Their experiment demonstrated that free rats will work tirelessly to free caged rats. Even when presented with chocolate chips, a free rat will continue to labor on freeing the caged rat until successful. Then they share and consume the chocolate.

While survival of the fittest may dictate the outcome in most battles between a hungry predator and its prey, unless its prey outsmarts it or it is fortunate to escape, empathy occupies a far more important role in determining whether a species survives. Empathy leads to survival of the wisest and validates the age old maxim that the meek shall inherit the Earth.

Empathy is the basis of the Golden Rule.

Randian neoliberalism is junk science at its worst and should be universally discredited and the legacy of its practitioners condemned to a mere footnote in the sorry history of human greed.

Happy holidays.

Namaste


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