Marshall Allen (ProPublica, Wasted Medicine)

00:07:07

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This segment of the financial exchanges brought to you by leader bank if you're looking to diversify your portfolio. Precious metals very Smart investment. Gold and silver bullion coins are now available. And all leader bank locations call 8776917900. Or log on to leader bank dot com. For more information. Drug companies make eye drops too big and you pay for the waste we are joined by Marshall Allen who's written an article on you know waste in the drug industry and how it's impacting all our wallets morning marsh and join us. Good morning right so if you have a number approximately how much money. Are we wasting in Madison on an annual basis or if you can specify a size certain types of drugs and be helpful to giving guesses here. Yeah and it's hard to nail this down I mean my Torre looked and I dropped and specifically. What I dropped the glaucoma. And drive market that it brings in about 3.4 billion per year. Two drug companies in the United States. And I dropped you know they're just making them too big per capacity so. As much as outlook in the eye dropper many eye drops and should say is wasted so. You know it's hard to stay with the ways things are phrased exactly how they'll translated into ways you know a lot of the drug wasted. What cancer drugs I also looked at those. One study estimated that we're wasting about one point eight billion a year just because of single use cancer vials. You know that's that's ensure we talk so much about how pricey these drugs are how it's bankrupting this country how we unionized states pay way more for drugs and other countries. I don't often hear anything pointed to what the actual factors aren't that is leading to this made you know a lot of it is really just getting wasted and flushed down the toilet. Well there's a lot of factors like you mentioned and I'm focusing just on waste in medicine and elect the waste and I'm talking literally wasted as good getting thrown in the trash wiped out or phases when I dropped from number. And this area were feeling there's the most opportunity to make a change. Because it's really a black and white issue we all agree that we should not be throwing good medication in the garbage can. So this is the type thing that could be changed. Why are pharmaceutical companies incentivized to create this extra when it. Why won't they respond pretty positively to a note to some news like this. Well wait for we're getting word but it actually revenue or profit for the drug companies that make these drugs so you know there are not really an to reduce about the workforce to. About it and that's Ramey where if were and you know half of that I dropped his rolling down Archie we're paying 200 dollars per bottle that I guess that's just more to their bottom lines. And then you have to buy more bottles into the Ohio don't last that long so it definitely is something that increases sales so. You know I focused on the drug maker ALCON created what they call them micro dropped back in the early nineties. It was about half the size of regular drop it didn't waste any medication. But they didn't bring it to market because they couldn't figure out what they would have to do with the pricing you know what they have to cut the price and half. What they get criticized as they kept at the same price and so they ended up just killing the whole project. I saw another one in there where you mentioned that they've one of the companies had Q. Could saves in a save some ways I raping an aluminum and foil or something like that. Yeah that's the same thing with al-Qaeda and got criticized for doing that. And brilliantly that the cut throat business companies are afraid to make too many changes sometimes. If you mentioned when. I've frightening statistic that I sign your article which leg I suppose makes sense but what is the relationship that we see in this country between cancer diagnoses and bankruptcies. Other it was incredible yeah so you know I think the what leader twice as likely. You declare bankruptcy if you have cancer diagnosis so it really is their relationship there and I just looked at the truckers Upton. And what the average percent and those they just switched from a Maltese while the could be shared so there was very little waste. To a single use while they just made the change a few months ago. And they estimated at one cancer center that it was gonna cost the average patient a thousand dollars more per infusion and they get these confusion about every three weeks. So while you're trying to fight cancer are getting built about a thousand dollars per infusion. For drugs that are literally going in the garbage can. Well you know these are the inefficiencies we really really hate to see but and you know hopefully just drawn some attention to it can. I don't know what they've we've been trying to obviously it's been trying to make changes since 1990s we haven't seen much within the like era saints haven't changed now. And I think I think the thing is we're reaching a breaking point here you know individual and ways company is that our our our economy. You need just can't have health care consuming one fit that the US economy like it's all it's almost reached that point. So we are reaching a breaking point where people are starting to ask different questions and released we were not accepting that anymore. Marcy said we rip it represents a fifth of our economy. We were at about 18% right now reproach. OK so what is it represented in saying I don't know France Canada Australia other countries that have. Similar cultures. You know I don't I don't have those figures but I do you know that we fail twice as much per person in the United States than they do and any other developed country. Now gives you an idea that yeah well marsh thank your three and start to us appreciate your time and you know we'll have you back soon. Thank her ordered. Marshall Allen from pro public it does make you wonder you need like we're spending I I knew the number was hi yeah I know I always look at it relative to Canada. Sure and Canada spends about half of what we do. But all in deep the flip side to go Mike is. The all the blockbuster drugs are the vast majority of the blockbuster drugs that are created around the globe are coming out the United States gambit. Mean so we're paying twice as much force that comment United States so we are inventing them and subsidized and arrest the world. To pay for. Well Horry one could argue that we're inventing them and then we get to market them around the world. And you know we eat we charges such as we can't be you're gonna get less for it that cancer drug. In Africa in you're gonna get forward in New York City sure that you should envision get less Ford in Canada France the United Kingdom Austria right right. Nothing to be inching to watch any of the the there's a whole. Whole brand debate it's occur every you eat you had the Republicans trying to deal with the health care issue. They were unable to doubted domestically couldn't even within the Republican Party they couldn't come up with health care plan and I think you can make the argument yes United States by does have the best health care in the world. But is it twice as good as anywhere else and I got a lot of skating harder a lot of people would debate whether we have whether or not we add the best.
READ MOREREAD LESS