Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

by Guest Sat Sep 15, 2018 9:27 am

Healthcare providers are sick of price gouging and drug shortages – so as a means of taking on the pharmaceutical industry, hundreds of American hospitals and healthcare workers are creating their own not-for-profit drug company.

The company, Civica Rx, is being officially launched to help patients by addressing shortages and high prices of lifesaving medications. Since the initiative was announced in January 2018, more than 120 health organizations representing about a third of the nation’s hospitals have contacted Civica Rx and expressed a commitment or interest in participating with the new company.

The seven organizations currently acting as the governing members of the company, including Mayo Clinic, SSM Health, and Intermountain Healthcare, represent about 500 U.S. hospitals. The U.S. Department of Veterans Affairs (VA) will also work in consultation with Civica Rx to address its particular needs. Other health systems participating with the company will be announced later this year.

Several major philanthropies have also joined the collaboration as a means of further supporting and safeguarding the company’s not-for-profit, social welfare mission.

Civica Rx has identified 14 hospital-administered generic drugs as the initial focus of the company’s efforts. It will be an FDA-approved manufacturer and will either directly manufacture generic drugs or sub-contract manufacturing to reputable contract manufacturing organizations.

Martin VanTrieste, former chief quality officer for Amgen, one of the world’s largest pharmaceutical companies, has been named CEO of Civica Rx – and he will be managing the position without compensation.

“We are creating a public asset with a mission to ensure that essential generic medications are accessible and affordable,” said VanTrieste. “The fact that a third of the country’s hospitals have either expressed interest or committed to participate with Civica Rx shows a great need for this initiative. This will improve the situation for patients by bringing much needed competition to the generic drug market.”

Civica Rx will first seek to stabilize the supply of essential generic medications administered in hospitals, many of which have fallen into chronic shortage situations, putting patients at risk. The initiative will also result in lower costs and more predictable supplies of essential generic medicines, helping ensure that patients and their needs come first in the generic drug marketplace. The company expects to have its first products on the market as early as 2019.

Research into the actual costs of manufacturing and distributing generic drugs suggests that, in many instances, prices for generic drugs used in hospitals can be reduced to a fraction of their current costs. This can save patients, and the healthcare systems that care for them, hundreds of millions of dollars each year.

(Source: Intermountain Healthcare)

https://www.goodnewsnetwork.org/hospitals-slam-the-industry-by-creating-their-own-nonprofit-drug-company-hitting-the-market-in-2019/

by Vintage Sat Sep 15, 2018 2:12 pm

I know it takes a lot of money to research new drugs but surely its better to have a reasonable price and sell as much as can actually be used than to keep the price high and sell comparatively few amounts of drugs.

by Original Quill Sat Sep 15, 2018 3:56 pm

Vintage wrote:I know it takes a lot of money to research new drugs but surely its better to have a reasonable price and sell as much as can actually be used than to keep the price high and sell comparatively few amounts of drugs.

The Pharmas don't put that much into discovery & research. Most of it is done by universities and government labs, before the Pharmas get in there. What the Pharmas do is buy interests from individual scientists, often forming a corporation, and then reap profits for both. The universities and institutions have borne the heaviest burdens, for which they never recover the investment.

The 'high-research costs' is a marketing ploy, after-the-fact, to justify outrageous prices they charge. When they have to give real figures, they lump in the monies that the universities and institutions put in, with no distinction, claiming (or at least implying) it was theirs. It's mostly profits...a veritable rip-off.

by Guest Sat Sep 15, 2018 4:15 pm

Original Quill wrote:
Vintage wrote:I know it takes a lot of money to research new drugs but surely its better to have a reasonable price and sell as much as can actually be used than to keep the price high and sell comparatively few amounts of drugs.

The Pharmas don't put that much into discovery & research. Most of it is done by universities and government labs, before the Pharmas get in there. What the Pharmas do is buy interests from individual scientists, often forming a corporation, and then reap profits for both. The universities and institutions have borne the heaviest burdens, for which they never recover the investment.

The 'high-research costs' is a marketing ploy, after-the-fact, to justify outrageous prices they charge. When they have to give real figures, they lump in the monies that the universities and institutions put in, with no distinction, claiming (or at least implying) it was theirs. It's mostly profits...a veritable rip-off.

Sorry but that is false, as they place millions into research and then may have the problem that the millions spent is then money down the drain, if the research is not going to cure or help anything.

There is plenty wrong with the Pharma industry, but please do not make false claims, where they spend millions in discovery and research. Its why we have so many cures and vaccines today. All of which would not be possible without these companies

https://www.abpi.org.uk/media-centre/news/2018/june/pharmaceutical-industry-continues-to-invest-significantly-in-uk-research-and-development/

by Original Quill Sun Sep 16, 2018 5:17 pm

Didge wrote:
Original Quill wrote:

The Pharmas don't put that much into discovery & research. Most of it is done by universities and government labs, before the Pharmas get in there. What the Pharmas do is buy interests from individual scientists, often forming a corporation, and then reap profits for both. The universities and institutions have borne the heaviest burdens, for which they never recover the investment.

The 'high-research costs' is a marketing ploy, after-the-fact, to justify outrageous prices they charge. When they have to give real figures, they lump in the monies that the universities and institutions put in, with no distinction, claiming (or at least implying) it was theirs. It's mostly profits...a veritable rip-off.

Sorry but that is false, as they place millions into research and then may have the problem that the millions spent is then money down the drain, if the research is not going to cure or help anything.

There is plenty wrong with the Pharma industry, but please do not make false claims, where they spend millions in discovery and research. Its why we have so many cures and vaccines today. All of which would not be possible without these companies

https://www.abpi.org.uk/media-centre/news/2018/june/pharmaceutical-industry-continues-to-invest-significantly-in-uk-research-and-development/

Sorry didge, but at one time my father was vice-president for clinical research for one of the major pharmas. He was a lot more knowledgable that you, a mere phlebotomist.

You're not going to be the winner on this one. Razz

by Guest Sun Sep 16, 2018 5:18 pm

Original Quill wrote:
Didge wrote:

Sorry but that is false, as they place millions into research and then may have the problem that the millions spent is then money down the drain, if the research is not going to cure or help anything.

There is plenty wrong with the Pharma industry, but please do not make false claims, where they spend millions in discovery and research. Its why we have so many cures and vaccines today. All of which would not be possible without these companies

https://www.abpi.org.uk/media-centre/news/2018/june/pharmaceutical-industry-continues-to-invest-significantly-in-uk-research-and-development/

Sorry didge, but at one time my father was vice-president for clinical research for one of the major pharmas. He was a lot more knowledgable that you, a mere phlebotomist.

You're not going to be the winner on this one.

Jackanory

by Original Quill Sun Sep 16, 2018 5:54 pm

Loser.

by Guest Sun Sep 16, 2018 6:01 pm

Didge wrote:
Original Quill wrote:

The Pharmas don't put that much into discovery & research. Most of it is done by universities and government labs, before the Pharmas get in there. What the Pharmas do is buy interests from individual scientists, often forming a corporation, and then reap profits for both. The universities and institutions have borne the heaviest burdens, for which they never recover the investment.

The 'high-research costs' is a marketing ploy, after-the-fact, to justify outrageous prices they charge. When they have to give real figures, they lump in the monies that the universities and institutions put in, with no distinction, claiming (or at least implying) it was theirs. It's mostly profits...a veritable rip-off.

Sorry but that is false, as they place millions into research and then may have the problem that the millions spent is then money down the drain, if the research is not going to cure or help anything.

There is plenty wrong with the Pharma industry, but please do not make false claims, where they spend millions in discovery and research. Its why we have so many cures and vaccines today. All of which would not be possible without these companies

https://www.abpi.org.uk/media-centre/news/2018/june/pharmaceutical-industry-continues-to-invest-significantly-in-uk-research-and-development/

Lets see if he can try again and back his claims up with evidence

Not some fairy tale

by Original Quill Sun Sep 16, 2018 6:10 pm

Didge wrote:
Didge wrote:

Sorry but that is false, as they place millions into research and then may have the problem that the millions spent is then money down the drain, if the research is not going to cure or help anything.

There is plenty wrong with the Pharma industry, but please do not make false claims, where they spend millions in discovery and research. Its why we have so many cures and vaccines today. All of which would not be possible without these companies

https://www.abpi.org.uk/media-centre/news/2018/june/pharmaceutical-industry-continues-to-invest-significantly-in-uk-research-and-development/

Lets see if he can try again and back his claims up with evidence

Not some fairy tale

I've got all the evidence I need.

by Guest Sun Sep 16, 2018 6:13 pm

Original Quill wrote:
Didge wrote:

Lets see if he can try again and back his claims up with evidence

Not some fairy tale

I've got all the evidence I need.

Sorry, but I do not take much stock in myths, when its a known fact that pharma companies invest millions into research

by Raggamuffin Sun Sep 16, 2018 7:15 pm

Original Quill wrote:
Vintage wrote:I know it takes a lot of money to research new drugs but surely its better to have a reasonable price and sell as much as can actually be used than to keep the price high and sell comparatively few amounts of drugs.

The Pharmas don't put that much into discovery & research. Most of it is done by universities and government labs, before the Pharmas get in there. What the Pharmas do is buy interests from individual scientists, often forming a corporation, and then reap profits for both. The universities and institutions have borne the heaviest burdens, for which they never recover the investment.

The 'high-research costs' is a marketing ploy, after-the-fact, to justify outrageous prices they charge. When they have to give real figures, they lump in the monies that the universities and institutions put in, with no distinction, claiming (or at least implying) it was theirs. It's mostly profits...a veritable rip-off.

Discovery and initial research is only the start. The costs come largely from further research, extensive clinical trials, and getting the drug to market.

by Original Quill Sun Sep 16, 2018 7:46 pm

Raggamuffin wrote:
Original Quill wrote:

The Pharmas don't put that much into discovery & research. Most of it is done by universities and government labs, before the Pharmas get in there. What the Pharmas do is buy interests from individual scientists, often forming a corporation, and then reap profits for both. The universities and institutions have borne the heaviest burdens, for which they never recover the investment.

The 'high-research costs' is a marketing ploy, after-the-fact, to justify outrageous prices they charge. When they have to give real figures, they lump in the monies that the universities and institutions put in, with no distinction, claiming (or at least implying) it was theirs. It's mostly profits...a veritable rip-off.

Discovery and initial research is only the start. The costs come largely from further research, extensive clinical trials, and getting the drug to market.

Most often the pharmas will wait until the research and extensive clinical trials phase is over. Do you blame them? Let the institutions pay those costs...the interests of the institutions is the reputation for having developed the drugs or inventions. The pharmas are only interested in profits.

The pharmas will pick up at the marketing stage, as marketing is branding. The pharmas must be involved in ownership in order to reap the profits, though often they have pre-marketing agreements with inventors/developers.

by Guest Sun Sep 16, 2018 7:52 pm

Original Quill wrote:
Raggamuffin wrote:

Discovery and initial research is only the start. The costs come largely from further research, extensive clinical trials, and getting the drug to market.

Most often the pharmas will wait until the research and extensive clinical trials phase is over. Do you blame them? Let the institutions pay those costs...the interests of the institutions is the reputation for having developed the drugs or inventions. The pharmas are only interested in profits.

The pharmas will pick up at the marketing stage, as marketing is branding. The pharmas must be involved in ownership in order to reap the profits, though often they have pre-marketing agreements with inventors/developers.

You seriously have no idea and is why i constantly question your claims

Pharma companies often lose money on products they have researched

Like i say, there is many wrongs in the pharma industries, espcially based on profits, but most of the claims you mke are complete and utter hyper bullshit

by Raggamuffin Sun Sep 16, 2018 7:56 pm

Original Quill wrote:
Raggamuffin wrote:

Discovery and initial research is only the start. The costs come largely from further research, extensive clinical trials, and getting the drug to market.

Most often the pharmas will wait until the research and extensive clinical trials phase is over. Do you blame them? Let the institutions pay those costs...the interests of the institutions is the reputation for having developed the drugs or inventions. The pharmas are only interested in profits.

The pharmas will pick up at the marketing stage, as marketing is branding. The pharmas must be involved in ownership in order to reap the profits, though often they have pre-marketing agreements with inventors/developers.

Pharma companies frequently pay for clinical trials actually. A lot of institutions couldn't afford the sort of costs involved.

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Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

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Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019

Re: Hospitals Slam the Industry by Creating Their Own Nonprofit Drug Company, Hitting the Market in 2019