To say I’m sick would be a gross understatement.
You’ve probably been stricken, too – you just don’t know it.
I’m talking about the pain being inflicted on us all by some egregiously greedy generic drug makers.
Yeah, those generic drug manufacturers, the ones we’ve been thanking our lucky stars for because we don’t have to pay insane, inflated prices for designer name-branded wonder drugs.
If you haven’t heard, sixteen generic drug makers have been colluding (allegedly, of course) to jack up prices of what are supposed to be cheap versions of brand name drugs we pay through the nose for.
Now it turns out we’re paying excessively for generics we thought we were so lucky to have.
How Bad Is It, Really?
Just over two years ago, a couple of Attorney General’s offices began looking into the pricing of two generic drugs. They’d been getting complaints that price increases seemed random, and that there weren’t other so-called generic drugs to offer pharmacy clients or at hospitals.
For the most part led by the Assistant Attorney General of Connecticut – the very dogged and very effective Joseph Nielsen – the trail of what was going on with two generics led to other states getting involved, forty-seven at last count, and fingers being pointed at sixteen generic drug makers, at last count, who are being investigated essentially for collusion to fix prices and divide up selling territories.
Things are about to go from bad to worse for these sixteen companies, their executives, and probably additional to-be-named colluders. That’s because a federal judge just last week gave the go-ahead for over one million emails and cellphone text messages from alleged colluders to be shared by all plaintiffs.
Apparently, these emails tell the story of how executives used “shorthand” messaging, incorporating words like “sandbox,” “fair share,” and “trashing” to identify where market territories were, what prices to charge, and who wasn’t playing the game (referring to competitors).
Those emails and texts are going to light a fire under a lot more investigations.
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Some of the generic drugs whose prices have been jacked up include common antibiotics, blood pressure meds, and arthritis meds, to name a few.
One common drug that relieves asthma symptoms, albuterol, had a 3,400% price increase when it went from about $0.13 a pill to $4.70 a pill in some areas. That rip-off was initially discovered by The Kroger Co. (NYSE:KR), the grocery chain company, who filed a lawsuit over the matter.
Not only are there sixteen companies being investigated, but there are also already 300 drugs identified by investigators as pawns in the collusion scheme.
In 2017, generic sales were more than $104 billion, so it’s very big business.
Mylan’s president, Rajiv Malik, has also personally been named as a defendant in one lawsuit.
You may remember Rajiv Malik and Mylan, they jacked up the cost of Mylan’s Epi-Pen in 2016 by a somewhat egregious 500%.
How bad is this mess?
“This is most likely the largest cartel in the history of the United States,” Nielsen said.
If that doesn’t make you sick, maybe nothing will.
A Glimmer of Hope
You might be feeling a little nauseous, but don’t grab the Pepto-Bismol just yet.
What we just talked about is an absolute travesty, and if you or a loved one have ever had a serious health condition, you already know that the cost of prescription medications, treatment, and hospital bills can be absolutely devastating.
You didn’t need me to tell you that. Some folks have had to completely void their savings or 401(k)s to pay for the cost of just staying alive. In 2015 alone, the prices of brand-name drugs rose nearly 130 times faster than inflation.
You already know all that, because you’re living it. But what you might not know, is that everything is about to change.
One small company is about to take the pharmaceutical world by storm, with their leading technology that could see a potential 58,213% revenue explosion – enough to turn even a small stake into $1.4 million.
How’s that for fighting back?
Click here to learn more.