The drug maker says its high price for remdesivir is warranted because hospitalization would cost thousands of dollars more.
Drugmaker Gilead says it’s doing you a favor by setting the price for its pending COVID-19 treatment, remdesivir, at more than $2,000 for government agencies and over $3,000 for private insurers.
Then there’s the broader issue of pricing a drug relative to its “value” to society. In theory, there’s no limit to the value of any drug that keeps you alive, so a drug company is entitled to charge as much as it wants.Finally, and perhaps most important, you’re not a passive bystander in this equation. You’re an investor.
“At this point, they have us over a barrel,” said Victoria Perez, an assistant professor of public and environmental affairs at Indiana University. , which is why, to cite just one example, the cost of insulin has nearly tripled in recent years for people with diabetes. The company is also admitting that the price of remdesivir isn’t just a reflection of its R&D cost. The price is also intended to help Gilead “maintain our long-term research in antivirals and to invest in scientific innovation that might help generations to come.”In other words, it’s intended to support future research that may have nothing to do with the coronavirus. Such work is potentially important. But it’s not the responsibility of COVID-19 patients to pay for.
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