Archive for March, 2011
Wednesday, March 30th, 2011
Inspired by Price tag soars on preterm birth drug: FDA-approved compound goes from $20 to $1,500 a dose (Washington Post 3/29/11), FDA to allow cheaper preterm baby drug (WashingtonPost.com 3/30/11), and FDA okays cheap versions of costly preterm birth drug (CBSNews.com 3/30/11). KV Pharmaceutical is taking advantage of the effective monopoly granted by it’s recent FDA approval for a premature birth prevention drug it didn’t even invent to charge extortionate prices… but it looks like they’re not going to get away with it.
“We understand and share the public’s interest in ensuring that every mother – whether insured or uninsured – who needs the medication will be able to access it in an affordable manner. That is why we recently announced a patient financial assistance program (PAP) that reduces the total out-of-pocket costs for qualified patients, and that eliminates out-of-pocket costs entirely for patients whose need is greatest.” — Makena “Commitment to Patient Access to Therapy”
“Continuing to compound this product after FDA approval of Makena renders the compounded product subject to FDA enforcement for violating certain provisions of the Federal Food, Drug and Cosmetic Act, as well as FDA guidance.” – threatening letter KV sent out to pharmacies that were making the compound as soon as they received their FDA approval
“This is not correct.” — FDA spokeswoman Beth Martino in response to KV’s letter
Just what our healthcare system doesn’t need:
Another big dose of Big Business greed.
New greed-leader KV Pharmaceutical’s extortion is particularly funny
Since they got FDA approval with a study funded by taxpayer money.
KV is trying to cover up their greed
By saying they’ll provide financial assistance to patients in need.
Although that’s better than if KV had the complaints completely ignored,
It’s mostly just a nice way to say they’ll charge the max each patient can afford.
What would instead be nice
Is if they’d just charge everyone the same fair price.
The FDA said it will let pharmacies continue to make the compound on their own,
Even though they don’t monopoly rights own.
So KV, you thought your monopoloy profits to ensure,
But it looks like your greed may have been premature.
And I’m so sorry to hear that your stock price has dropped.
Maybe next time, you’ll a less greedy position adopt.
Here’s CBS News’ report.
Are you a parent, healthcare professional, or know someone that was born prematurely? Then click here to find out more about Preemies Today, the national preemie families support network.