Jun 26, 2018|
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
It's our daily poll question had financial exchange showed does John. Vote your conscience and Aaron just vote go to financial extreme show does come in castaway. Toilets that won't stop running clogged sinks leaky shower heads these are a common problem for homeowners and if you're dealing with any of these problems you need a fast reliable. First class service provider to fix the issues and get it done right call easy plumbing 781862119. B. They'll fix it fast and they'll fix it right. That drug that costs a quarter million dollars plus for cystic fibrosis. Not so fast says Medicaid. What if Uncle Sam doesn't think that FDA approved blockbuster drug. That's expensive. Isn't worth the price in should not be approved Katie Thomas wrote an interesting article about this in the New York Times. Thanks for joining us. Now let's start off with your example here did you make a bigger point about this whole problem. 272000. Dollars cystic fibrosis drug New York's Medicaid. Won't approve this what's going on. Well what happened at last year in Europe they. Packed in new life is basically and we are gonna try and aim it and the that companies that are urging a lot of money and the that though. Me I better and it at a preset. Our drug spending goes about that certain way in which it is that here and the Taliban by a code and drug that we think basically I. And then here in Atlanta when they identified what they got called and indeed witnessed this new. The week that I. That. It wouldn't let me. Year. And New York basically asked to attack against a deeper discount and are. In that program. Because they did it basically what that. It didn't work as well ahead. (%expletive) where I have. It is the government using the leverage of saying no to get these lower prices is that is that the game plan here. Well bad bad. Probably I would bet that it expected more you think kind of but add meaning and aiming it but more than anything I'm. Under federal law. State Medicaid programs that they haven't done that are up there on the angry fat content. Oh New York that it that the palace statement cleaned up this and they have to cut bread and bird pat. The company that makes it can be on the notepad and so actually right now they're they're kind of and while you are as we went into. Give us the deeper than in protect. You don't you know he powered and it's in the but that's where things are New York that is now negotiating. For access to our concerns. It. From the consumer's perspective though a Katie. This is gonna be a problem and challenge what you're doing with Medicaid or private insurance correct and we both of those are purchasers of drugs. Who have their own determination about efficacy. Despite with the government which say. And you're battling to get something that's incrementally better but a lot more expensive right it's it's it's a pretty tough call. Yeah not sudden at the bigger points. I think Terry and dory but. You know we have given me and you can't connect coming on the marketed and a lot of them are real we know they're like you know that the being there keep an act that well world. Your mind you know in and some children than it is to beat. Mean really amazing that I'm and they all come with really bad. I help as well. It that even though. You know that that there can be for example it is a that's an amazing thing it seeks to address the underlying genetic. That it I doubt it which is really remarkable and in yet in the clinical trials. They've found and you know that it it didn't actually and they're patient lung function. Hugely it was in the coming out and that was that the argument that he or eight. And actually also other countries around the world and at that even though this is a pretty can't even drive. And it here the patient and actually made on it is you're conditioned very much and airports it not worth it you know this is there's dollar. And Massachusetts says the federal government for permission to limit its coverage of drugs try to secure larger discounts for drug makers to sell. This is something that we're seeing a lot of bright it's a real battle between you know one side in the other. Write yet and that that they medic aid program I really battling the paper these are sad event. As they're looking for ways that they can. Limit their coverage and weigh in similar ways bad openly that are covered by a commercial and after our charities with. Give a better chance of getting approved a one of these desirable but maybe not completely. Needed drugs relative to the alternative. If you're on a Medicare or Medicaid program as opposed to private insurance what's what's your take a month. Well it depends on what you mean by other I mean I'm not. I have an insurance and met and able. Indy and in an ethnic and indeed I think toward the senate seat at the and what a lot of people in Medicare program and Medicaid generally. You know I love that. The paramedic there he standpoint you are covered through your employer. You're you're. Your insurer may be spelling out a lot of money there and acting music reviews quite a bit as well and as a about it. Oh. Estimate that it is simply out of me and Asians and wouldn't one. And they they. I can't get on the got even there and Eric. Okay. We'll Katie Thomas thank you very much from New York Times fascinating article we appreciate your sharing your research. And it comes to New York Times we've seen this with the other drugs acute hepatitis C rate. Here's a great example you know you've got to cure for that Petit green it. It was 84000 I believe it's come down to like the fifties and still in. Putting cures it's cured if you take it for wise X number of and I don't resigned as you're done but here's the thing. Right a lot of resistance to pay for insurance companies hopefully you. And I think the whole reason that there relenting is they're saying well it's cheaper than do liver transplant. And so. You know it but what bothers people about this Pepsi drug or New York can be. Is okay when he selling for in London exactly how much published the French people have to like that's what bothers Americans are saying hey why. Why are Americans subsidizing. The person I don't know what are Camby costs in Paris but I can't tell you it's less than a lot of drugs. Each year buying them in Russia if you're buying them in Australia if you're buying them in Canada you're right you're you're paying a different price. And and and there might be more available. Americans are settled on that's. Vertex is accompanied up in Boston that was so why should Americans be paying more for drug and Canadians would pay the same and again they're entitled to make money to recoup their massive costs of research and development and in trying to come up these wonderful drugs that are blocked posters. But the question is who should be paying that premium disproportionately. We have relative rest of the world.