LogFAQs > #931070903

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Topic	Do you like capitalism?
TheMikh 12/03/19 9:19:59 PM #163:	MarqueeSeries posted... Something I thought was interesting The cost of manufacturing a vial of insulin is between $2 and $4 https://amp.businessinsider.com/insulin-prices-could-be-much-lower-and-drug-makers-would-still-make-healthy-profits-2018-9 Meanwhile, the lowest cost of a vial (without insurance) on this list is $92/vial, which is a 23x markup https://www.goodrx.com/blog/how-much-does-insulin-cost-compare-brands/ There are 3 companies that dominate 90% of insulin manufacturing worldwide Could more companies step in and produce insulin? In theory, yes, but in practice, its not likely. Getting into the drug manufacturing business is messy with patent laws, which can be abused to disproportionately benefit existing mega corporations. They essentially have a monopoly on insulin production https://www.t1international.com/blog/2019/01/20/why-insulin-so-expensive/ If you dont want capitalism to turn into a big festering mess, you need an effective government to step in and either enact price controls for these essential products, or have a heavier hand in breaking up monopolies and passing legislation that ensures they dont form in the first place so basically government is responsible for monopolies, and it should be trusted with more intervention to fix the problem --- https://imgur.com/A0TAfek <cite>TheMikh posted [p:931070903] in Do you lik... [t:78215186]...</cite> <quote>MarqueeSeries posted...</cite> <quote>Something I thought was interesting The cost of manufacturing a vial of insulin is between $2 and $4 https://amp.businessinsider.com/insulin-prices-could-be-much-lower-and-drug-makers-would-still-make-healthy-profits-2018-9 Meanwhile, the lowest cost of a vial (without insurance) on this list is $92/vial, which is a 23x markup https://www.goodrx.com/blog/how-much-does-insulin-cost-compare-brands/ There are 3 companies that dominate 90% of insulin manufacturing worldwide Could more companies step in and produce insulin? In theory, yes, but in practice, its not likely. Getting into the drug manufacturing business is messy with patent laws, which can be abused to disproportionately benefit existing mega corporations. They essentially have a monopoly on insulin production https://www.t1international.com/blog/2019/01/20/why-insulin-so-expensive/ If you dont want capitalism to turn into a big festering mess, you need an effective government to step in and either enact price controls for these essential products, or have a heavier hand in breaking up monopolies and passing legislation that ensures they dont form in the first place</quote> so basically government is responsible for monopolies, and it should be trusted with more intervention to fix the problem --- https://imgur.com/A0TAfek</quote> ... Copied to Clipboard!
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