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Drugs, money, and secret handshakes: The unstoppable growth of prescription drug prices

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"In the warped world of prescription drug pricing, generic drugs can cost more than branded ones, old drugs can be relaunched at astronomical prices, and low-cost options are shut out of the market. In Drugs, Money and Secret Handshakes, Robin Feldman shines a light into the dark corners of the pharmaceutical industry to expose a web of shadowy deals in which higher-priced drugs receive favorable treatment and patients are channeled toward the most expensive medicines. At the center of this web are the highly secretive middle players who establish coverage levels for patients and negotiate with drug companies. By offering lucrative payments to these middle players (as well as to doctors and hospitals), drug companies ensure that inexpensive drugs never gain traction. This system of perverse incentives has delivered the kind of exorbitant drug prices - and profits - that everyone loves except for those who pay the bills"--
"Everyone has a limit. Every budget has an end point. Although sellers would love to raise prices continually, it does not take fancy economics to know that at some point, the money runs out. Why isn't that basic principle working as expected in the pharmaceutical industry? Instead, drug prices are rising continually and reaching astronomical levels, with no end in sight. In May of 2018, analysts reported that a company is contemplating a $1.5 million price tag for its new hemophilia cure. (The current hemophilia therapies already cost an astounding $580,000 to $800,000 per year. ) Along the same lines, Spark therapeutics' cure for a rare form of blindness will cost $850,000, rivaling Novartis' planned $475,000 price tag for its Car-T drug Kymriah. Even outside the eye-popping headlines, prescription drug prices across the board have risen to an alarming and puzzling level. A government inspector general's report found that the high cost of brand medications for common conditions (diabetes, high cholesterol, and asthma) were the true problem for patients on Medicare. In fact, pharmaceutical companies have raised the prices most sharply for commonly used medications such as these. Similarly, an analyst report concluded that in 2016, the average price for a set of specialty drugs known as "orphan drugs" was $140,000 a year and the average price of ordinary drugs was almost $28,000 a year. The list price of drugs tells only part of the story, given the many rebate and discount processes that exist within the industry. Nevertheless, real spending for drugs is rising as well"--
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9781108482455
9781630159986
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Grouped Work ID8960775d-2425-427a-fe5c-8e27aafa7a5a
Grouping Titledrugs money and secret handshakes the unstoppable growth of prescription drug prices
Grouping Authorrobin feldman
Grouping Categorybook
Grouping LanguageEnglish (eng)
Last Grouping Update2021-05-05 14:31:42PM
Last Indexed2021-05-05 14:34:05PM
Novelist Primary ISBNnone

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accelerated_reader_point_value0
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auth_author2Kaye, Randye.
authorFeldman, Robin.
author2-roleKaye, Randye.
Kaye, Randye.|Narrator
hoopla digital.
author_displayFeldman, Robin
detailed_location_bemisBemis Lower Level
display_description"In the warped world of prescription drug pricing, generic drugs can cost more than branded ones, old drugs can be relaunched at astronomical prices, and low-cost options are shut out of the market. In Drugs, Money and Secret Handshakes, Robin Feldman shines a light into the dark corners of the pharmaceutical industry to expose a web of shadowy deals in which higher-priced drugs receive favorable treatment and patients are channeled toward the most expensive medicines. At the center of this web are the highly secretive middle players who establish coverage levels for patients and negotiate with drug companies. By offering lucrative payments to these middle players (as well as to doctors and hospitals), drug companies ensure that inexpensive drugs never gain traction. This system of perverse incentives has delivered the kind of exorbitant drug prices - and profits - that everyone loves except for those who pay the bills"-- "Everyone has a limit. Every budget has an end point. Although sellers would love to raise prices continually, it does not take fancy economics to know that at some point, the money runs out. Why isn't that basic principle working as expected in the pharmaceutical industry? Instead, drug prices are rising continually and reaching astronomical levels, with no end in sight. In May of 2018, analysts reported that a company is contemplating a $1.5 million price tag for its new hemophilia cure. (The current hemophilia therapies already cost an astounding $580,000 to $800,000 per year. ) Along the same lines, Spark therapeutics' cure for a rare form of blindness will cost $850,000, rivaling Novartis' planned $475,000 price tag for its Car-T drug Kymriah. Even outside the eye-popping headlines, prescription drug prices across the board have risen to an alarming and puzzling level. A government inspector general's report found that the high cost of brand medications for common conditions (diabetes, high cholesterol, and asthma) were the true problem for patients on Medicare. In fact, pharmaceutical companies have raised the prices most sharply for commonly used medications such as these. Similarly, an analyst report concluded that in 2016, the average price for a set of specialty drugs known as "orphan drugs" was $140,000 a year and the average price of ordinary drugs was almost $28,000 a year. The list price of drugs tells only part of the story, given the many rebate and discount processes that exist within the industry. Nevertheless, real spending for drugs is rising as well"--
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hoopla:MWT12464027eAudiobookAudio BooksUnabridged.EnglishTantor Audio, 2019.1 online resource (1 audio file (4hr., 49 min.)) : digital.
ils:.b59703787BookBooksEnglishCambridge University Press, 2019.xiv, 186 pages ; 24 cm
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subject_facetBusiness
Drug Industry -- economics
Drug and Narcotic Control
Drugs -- Cost effectiveness
Economics
Electronic books
Health & Fitness
Nonfiction
Pharmaceutical Preparations -- economics
Pharmaceutical industry -- Economic aspects
Pharmaceutical policy
Physical fitness -- Health aspects
title_displayDrugs, money, and secret handshakes : the unstoppable growth of prescription drug prices
title_fullDrugs, money, and secret handshakes : the unstoppable growth of prescription drug prices / Robin Feldman, University of California Hastings College of the Law
Drugs, money, and secret handshakes : the unstoppable growth of prescription drug prices [electronic resource] / Robin Feldman
Drugs, money, and secret handshakes [electronic resource] : The unstoppable growth of prescription drug prices. Robin Feldman
title_shortDrugs, money, and secret handshakes
title_subThe unstoppable growth of prescription drug prices
topic_facetBusiness
Cost effectiveness
Drug Industry
Drug and Narcotic Control
Drugs
Economic aspects
Economics
Health & Fitness
Health aspects
Nonfiction
Pharmaceutical Preparations
Pharmaceutical industry
Pharmaceutical policy
Physical fitness
economics