Insulin producer withdraws their products from Greece
Discussion
http://news.bbc.co.uk/1/hi/world/europe/10189367.s...
I think the Greek government wants the supplier to sell them insulin at a reduced rate. The supplier says that would in effect mean they are operating at a loss in Greece and refuses to sell any insulin to them. A very worrying situation.
Discuss!
I think the Greek government wants the supplier to sell them insulin at a reduced rate. The supplier says that would in effect mean they are operating at a loss in Greece and refuses to sell any insulin to them. A very worrying situation.
Discuss!
Plenty of people make insulin, ok poor phrasing, plenty of manufacturers do. Whilst I believe access to medicine is one of the basic rights, someone has to foot the bill and companies aren't charities - they can sell to whoever they want.
Struggling to believe their profit margin is that slim though
Struggling to believe their profit margin is that slim though
Edited by Stu R on Saturday 29th May 12:50
The Greeks really are going through the Blackmail 101 playbook in short order aren't they?
What next? - free oil imports or grain or any of the 1001 things that the Greeks are about to find out they cannot afford any more?.
I'd have more sympathy if Greece hadn't just reneged on one of the reforms they promised to make when they were negotiating for the bail-out. But, like most wastrels, as soon as they thought the money was safe in the bank, they carried on business as usual.
The Greek population won't react well to being denied things they are used to having. The rest of the world will not react well to having to pay to keep Greek people in the lifestyle they have become accustomed to.
This dilemma is coming soon to other European countries, perhaps even us.
It'll be interesting to see how it all unravels.
What next? - free oil imports or grain or any of the 1001 things that the Greeks are about to find out they cannot afford any more?.
I'd have more sympathy if Greece hadn't just reneged on one of the reforms they promised to make when they were negotiating for the bail-out. But, like most wastrels, as soon as they thought the money was safe in the bank, they carried on business as usual.
The Greek population won't react well to being denied things they are used to having. The rest of the world will not react well to having to pay to keep Greek people in the lifestyle they have become accustomed to.
This dilemma is coming soon to other European countries, perhaps even us.
It'll be interesting to see how it all unravels.
A 33 billion Kr turnover is quite a manufacturing base for Insulin and a fabulous income for what is an essentially simple manufacturing process now. Being owed 33 million euro is not a back breaker in such a situation, it is positioning only, Insulin is a fairly closed manufacturing cartel and it is considered to be overpriced by about 40%, so perhaps there may be a benefit in a bit of defaulting here and there.
?Political Pain said:
A 33 billion Kr turnover is quite a manufacturing base for Insulin and a fabulous income for what is an essentially simple manufacturing process now. Being owed 33 million euro is not a back breaker in such a situation, it is positioning only, Insulin is a fairly closed manufacturing cartel and it is considered to be overpriced by about 40%, so perhaps there may be a benefit in a bit of defaulting here and there.
The pharmaceutical industry appears to be immune to the recession - while other industries cut their margins they don't have to. If they negotiate now it will start an avalanche of price reductions as other buyers take note and demand the same. IMO in an ideal world healthcare and business should never mix but can it be said that state sponsoring would yield such innovative and successful drugs and treatments or offer equal or better value for money?
Whilst agreeing with the general run of the thread I did find that comparing a long term life enhancing/saving (if you don't know what happens to diabetics without insulin look it up) medication with
"The rest of the world will not react well to having to pay to keep Greek people in the lifestyle... "
A bit OFF.
"The rest of the world will not react well to having to pay to keep Greek people in the lifestyle... "
A bit OFF.
Scraggles said:
diabetic who needs insulin and cant get it ? coma within a day, dead within a few weeks...
Exactly. So the Greek government will find an alternative supply or pay the price the manuacturer wants. And the Greek government will make cuts in non-essential areas, not ones which can literally be life or death.KANEIT said:
Political Pain said:
A 33 billion Kr turnover is quite a manufacturing base for Insulin and a fabulous income for what is an essentially simple manufacturing process now. Being owed 33 million euro is not a back breaker in such a situation, it is positioning only, Insulin is a fairly closed manufacturing cartel and it is considered to be overpriced by about 40%, so perhaps there may be a benefit in a bit of defaulting here and there.
The pharmaceutical industry appears to be immune to the recession - while other industries cut their margins they don't have to. If they negotiate now it will start an avalanche of price reductions as other buyers take note and demand the same. IMO in an ideal world healthcare and business should never mix but can it be said that state sponsoring would yield such innovative and successful drugs and treatments or offer equal or better value for money?sinizter said:
I don't see why the company should sell below cost or even at cost just because the Greek government could not take of its state finances.
Insulin is cheap to make, but Novo have the patent on the 'pen' and the additional charge for the 'pen' is what is the real 'hidden' issue here, the syringe type injection is cheap as chips [in comparison] but everybody with Diabetes wants the simplicity of the 'pen' and "I think" that the EU did something in law regarding syringe injections being only allowed as an exception, so effectively the original costs were low, but increased hugely recently.I am not sure of the facts, just recalling something I read a year or two ago.
So quite prepared to be shot down on this.
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