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Pogatetz_Ate_My_Hamster_ Posted on 03/12/2019 15:02
Dominic Raab admits Americans could “jack up drug prices”
 
As part of UK/US trade deal.

Dominic Raab has admitted the US will be able to ramp up the cost of drugs bought by the NHS after Brexit, but insisted the prospect is “hugely unlikely”.

Asked if Washington would be free to “jack up prices”, the Foreign Secretary replied: “The Americans will take their decisions.”

He then claimed: “I think it’s hugely unlikely, why would they do that?” – prompting Sky News interviewer Adam Boulton to say: “To get more money that’s why.”


This idiot is in government[DFS]


Link: Raab
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American_Mary Posted on 03/12/2019 15:16

Dominic Raab admits Americans could “jack up drug prices”
Isn’t that part of the plan ? Higher drug prices then make a free at source NHS unsustainable and we’ll all need private health policies, funny how the Conservative’s are talking up Labour’s taxation plans but not mentioning the cost to people of health insurance.
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bear66 Posted on 03/12/2019 15:37

Dominic Raab admits Americans could “jack up drug prices”
Raab said d he didn't understand 'how reliant UK trade is on Dover-Calais crossing'.

You have to be very stupid or a liar to be a part of a Tory government, but preferably both.
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free_pint Posted on 03/12/2019 15:40

Dominic Raab admits Americans could “jack up drug prices”
Raab added an extra a in his surname. Tells you enough about him.
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TerryWay Posted on 03/12/2019 15:44

Dominic Raab admits Americans could “jack up drug prices”
It’s ok. All these Tory government officials that are in the US administrations back pocket will be well compensated for selling our NHS our to big US pharm. They will be more than able to afford the drug price hikes, hence not worried.

The rest of us plebs though? Not so much.
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MightyDuck Posted on 03/12/2019 16:21
Edited On: 03/12/2019 19:44
Dominic Raab admits Americans could “jack up drug prices”
Raab is completely out of his depth in every Government role he's had.
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expat_smoggie Posted on 03/12/2019 16:36

Dominic Raab admits Americans could “jack up drug prices”
Just a word of caution on any relative to government involvement in healthcare, since the introduction of the so called Obamacare program in the US, healthcare costs have sky-rocketed in the US-- for everyone-- in short it's an absolute mess. Basically those in Private healthcare in the US pay for anyone who can't afford it -- so that amounts to 49 million who did not have healthcare under the Obama regime. Now I'm all in favour of having healthcare for all but the admin costs [government/private] have sent costs into the stratosphere in the US -- and I'm thinking that it could do the same in the UK if the US system is somehow linked to the UK system.
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bear66 Posted on 03/12/2019 16:47

Dominic Raab admits Americans could “jack up drug prices”
Forcing insurance companies to insure people who are actually ill? What a dreadful system. Things were much cheaper when these people just died.
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br14 Posted on 03/12/2019 17:37

Dominic Raab admits Americans could “jack up drug prices”
"Things were much cheaper when these people just died."

The US effectively has it's own NHS. Or rather they have public insurance plans for people who don't have jobs or who are retired. Much like most of the EU. The programs are Medicare and Medicaid.

They're just not that great and not everything is covered.

The problem is that because the private system is so expensive and covers so much of the population, the public system is a poor relation and the government has problems paying for it. Hence Obamacare.

So people aren't just allowed to die. And nor would you be if you turned up without insurance. You'd just end up bankrupt.

It's cheaper to fly you home in a private jet than let you stay in hospital for more than a day or two. Comprehensive travel insurance is a must if you travel to the US - and it must cover pre-existing conditions - or you'll be paying the 50k or so yourself.

On drug prices. The UK evidently negotiates en masse for drugs. And therefore gets decent prices from US Pharma companies.

In the US there is limited group negotiation on drug prices, so US citizens pay three or four times the price in the UK.

Naturally Trump (among others) wants to fix that. They plan to implement a law that makes US prices the same as elsewhere. If and when that happens, it really doesn't matter who is Prime Minister, US drug companies will charge the UK higher prices. As will UK and EU drug companies - they all make most of their revenue in the US.

So elect Corbyn and there'll still be higher drug prices.
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bear66 Posted on 03/12/2019 17:56

Dominic Raab admits Americans could “jack up drug prices”
Which is why the Labour policy is to implement the Patents Act to avoid such a thing happening. Drugs companies have done well out of public finance through research institutes and government grants and they'll have to accept the consequences.
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dooderooni Posted on 03/12/2019 18:03

Dominic Raab admits Americans could “jack up drug prices”
And what about the bio-similars not made in the US br14?

The NHS can save millions on such alternatives, especially if they're not tied into exclusivity deals for the US drugs.

The markup on most US drugs is huge, that's why Abbvie, the makers of Humira, can slash the price in Europe and still make a profit. Poor US citizens can't get the bio-similars until at least 2023 so Abbvie can charge full whack for it without fear of competition driving prices down.

Of course, once we leave Europe we might not have the bargaining power to get a great deal, that's aside from any political dealings that may happen in order to get trade deals in other sectors.



Link: Bio-similars
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NYboro Posted on 03/12/2019 18:06

Dominic Raab admits Americans could “jack up drug prices”
It has nothing to do with group negotiation - there are a very limited number of insurance companies and they negotiate specific rates with hospitals, physicians etc. The reason drugs are so expensive is that the patent lasts a lot longer here - no generics, which really keep the prices down. Not only that, but big pharma is likely to modify the content slightly so they can re-patent it and keep the price high.
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br14 Posted on 03/12/2019 18:43

Dominic Raab admits Americans could “jack up drug prices”
"Which is why the Labour policy is to implement the Patents Act to avoid such a thing happening."

Patents are effectively a state intervention in the market, designed to ensure that research takes place by providing a return for the billions spent on research in the vanishingly small chance they make a major breakthrough.

Whatever Labour does with patents, in the end they'll pay the market rate or not get the drugs.

Either way, the big concern is that the rise of generics and patent violating drugs from Asia will mean research leading to manufacture will fall off a cliff.

The entire discussion is part of a broader realignment of the global economy. Prices are high precisely because of the emergence of generics and patent violating drugs, mostly from Asia.
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br14 Posted on 03/12/2019 18:50

Dominic Raab admits Americans could “jack up drug prices”
"The reason drugs are so expensive is that the patent lasts a lot longer here"

Probably depends on the drug. UK drug patents are 20 years in length, which I believe is similar to the US. But the first 10 to 15 years of that time are taken up with developing the drug and obtaining licenses.

Corruption is probably a bigger factor. US politicians make UK politicians look like angels. Though of course it's very carefully done.
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bear66 Posted on 03/12/2019 18:52

Dominic Raab admits Americans could “jack up drug prices”
They (we) already have paid.

$400 drugs sold at a profit for 37c in India suggest there is room to reduce costs . . . . . a little.

Prices are high because US companies buy US politicians.
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br14 Posted on 03/12/2019 19:05

Dominic Raab admits Americans could “jack up drug prices”
Prices are never only about costs. Unless the demand is negligible.

If you spend $2 billion US developing a drug (that's on the low side I believe), and you have only 5 years to recoup your investment, I imagine the price would be rather high.

Then some company in India manufacturers the drug and sells at cost plus a small margin.

I mean it's good for the consumer in the short term, but longer term? Either drugs get licensed with fewer safeguards, or drugs stop being manufactured.

Agree on the corruption point.
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Lefty Posted on 03/12/2019 20:07

Dominic Raab admits Americans could “jack up drug prices”
'Raab added an extra a in his surname. Tells you enough about him.'

You'll like the link.

Link: The record was 5
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Billogcentral Posted on 03/12/2019 20:52

Dominic Raab admits Americans could “jack up drug prices”
And the USA is the only place to buy drugs yeah? You guys and gals really believe the garbage labour are stirring up. We buy worldwide, always have done, always will do. In fact opening up more markets should reduce costs if more competition....basic economic theory. Oh, and what about our leading pharmas selling drugs to their markets = more jobs. Look at the bigger picture
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festa5 Posted on 03/12/2019 21:25

Dominic Raab admits Americans could “jack up drug prices”
Demonic Raaab

As I think someone on here once said, hard not to imagine him in an SS uniform once someone points it out.
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Greenandblack Posted on 03/12/2019 21:54

Dominic Raab admits Americans could “jack up drug prices”
Forbes mag reckons the cost of developing new drugs is $2 billion per drug, if you develop several. 90% of those drugs are never licensed for medical reasons.

Who pays for the research if the company can't patent the drug?
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Corcaigh_the_Cat Posted on 03/12/2019 21:58
Edited On: 03/12/2019 22:01
Dominic Raab admits Americans could “jack up drug prices”
Poor pharma companies, is that what you're saying?

I've worked in pharma development in a number of countries. Sure the R&D isn't cheap but the profits are absolutely enormous.
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Billogcentral Posted on 03/12/2019 22:06

Dominic Raab admits Americans could “jack up drug prices”
Festa....you might want to retract your as state,ent. Raab's father was a Jewish immigrant from czech pre war so dont think he is suitable for you ss uniform
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Greenandblack Posted on 03/12/2019 22:19

Dominic Raab admits Americans could “jack up drug prices”
***I've worked in pharma development in a number of countries. Sure the R&D isn't cheap but the profits are absolutely enormous.***

Who will commit to invest $2 billion in a new cancer drug (for example) if you know you won't recoup the R&D cost?

Nobody, so new drugs won't be developed.
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bear66 Posted on 04/12/2019 08:29

Dominic Raab admits Americans could “jack up drug prices”
Interesting link on research costs. The conclusion: drug costs are not related to develop costs but to how much the market will bear. An example given : After investing $400 billion to develop a cancer drug, the company sold the rights for 40x that immediately.

It makes sense to 'nationalise' something that shouldn't be a market commodity but a human right.

Link: Link
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gazzastrip2 Posted on 04/12/2019 08:53

Dominic Raab admits Americans could “jack up drug prices”
Corbyn and his extreme left mob hate free markets.

That is obvious. If he got in he wants to have the state take control of everything and he thinks he can force the same on other countries.

Guess what- the free market ex UK will continue and it will thrive and the UK will perish. The free market system isn't perfect, but it has a much better record than state run, state controlled systems around the world.

No doubt the Lefties will be on this immediately blaming capitalism for the failures of USSR, Eastern Europe, Venezuela, Cuba etc.

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Greenandblack Posted on 04/12/2019 09:23

Dominic Raab admits Americans could “jack up drug prices”
***After investing $400 billion to develop a cancer drug, the company sold the rights for 40x that immediately.***

But how many other $400 MILLION (not billion) drugs never saw the light of day? It's like saying betting is profitable if you only count the bets that win.
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bear66 Posted on 04/12/2019 09:52

Dominic Raab admits Americans could “jack up drug prices”
None apparently.
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