Greeed In Business

March 29th, 2011 | Posted in Current Events, Hot Topics, Making money, Money Issues, Opinion, Scams | Comments Off

I’ve seen some examples of corporate greed in my life but I have to say that, without any possible doubt, this has absolutely got to be the worst possible case of it I’ve ever heard of.

I’m talking about a story I read on the ABC News website just a few minutes ago.

A company called KV Pharmaceuticals recently gained exclusive rights from the FDA to make a progesterone shot that is frequently used to prevent premature birth for mothers that are at high risk.

Now this same shot has been available for years from specialty compounding pharmacies for years at ten dollars per shot.

KV Pharmaceuticals has changed that.

They have decided to raise the price of the drug, marketed under the name “Makena”, to $1,500 per shot.

This is absolutely in-freaking-sane and the *ONLY* possible reason for it is pure unadulterated greed. I’m surprised that the company’s board of directors doesn’t need ankle braces after taking a leap of such gargantuan proportions.

I understand that they’re in business to make money. I understand that they want to recoup the cost of research and development. However this is going too far.

Somehow I doubt that most insurace companies are going to cover the cost of this, nor do I expect that Medicare / Medicaid will cover it either.

To top it off, KV Pharmaceuticals is making it a point to cite FDA law, pointing out that doctors are going to be legally required to stop using the cheaper $10 a shot version of the drug.

FDA officials are making noises that this may not be the case and let’s hope so!

This kind of price gouging is totally and completely inexcuseable!

Technorati Tags: price gouging, corporate greed, prevent premature birth, 1500 a shot, premature birth, greed, kv pharmaceuticals

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