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Medicine Businesses

The World's Most Loathed Industry Gave Us a Vaccine in Record Time (bloomberg.com) 443

An anonymous reader shares a feature report: At the end of 2019, before the coronavirus pandemic started, the two best-known faces of the pharmaceutical business were the imprisoned Martin Shkreli and the lawsuit-laden opioid makers at Purdue Pharma. The rest of the industry was perhaps best known for the skyrocketing prices of its medicines. In a Gallup Poll of the public's view of various business sectors, pharma was ranked at the bottom, behind the oil industry, advertising and public relations, and lawyers. Who'd have guessed that a year later pharma would be getting credit for saving the world?

From cruise lines to meatpackers, business will have plenty to answer for in its handling of the pandemic, but this part of it worked. The Covid-19 vaccines developed by the drug industry, in partnership with governments, will almost certainly prevent hundreds of thousands of American deaths and millions more around the world. They will revive trillions of dollars in economic activity, let grandparents see grandchildren, and finally bring an end to a year that has -- sing it together one last time as the ball drops over an empty Times Square -- really sucked. In a time where almost everything else went wrong, the vaccine effort was something that went (mostly) right.

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The World's Most Loathed Industry Gave Us a Vaccine in Record Time

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  • by sethmeisterg ( 603174 ) on Saturday December 26, 2020 @12:46AM (#60866404)
    Their business practices are loathed.
    • by Impy the Impiuos Imp ( 442658 ) on Saturday December 26, 2020 @08:51AM (#60867050) Journal

      And that because of a few instances, trumpeted by politicians, who want more power to clamp down on them.

      Here we have billions invested by them, and government, to get the lifesaving product out fast. All this does is emphasize the importance of charging a lot of money to coerce new things into existence.

      Remember that the next time some politician talks about "unconscionable profits".

      Unconscionable profits are what gives you a new iPhone or Android every year. How much more important stuff that is not fluff like medicine.

      You can't give it out for free, or cheap, until it gets invented first. Treating medicine like a static monolith to hand out already-invented stuff ignores that there are millions still dying every year from uncured or treated problems.

      • by ArchieBunker ( 132337 ) on Saturday December 26, 2020 @09:32AM (#60867128)

        https://www.nbcnews.com/news/u... [nbcnews.com]

        The same vial of insulin from the same company costs $32 in Canada while people in the US pay $275 out of pocket. One of the few good things Trump tried to do was allow for the government to bargain for drug prices (like many foreign countries do). Well the lobbyists went into meltdown and squished that in a hurry. Nothing but pure and simple greed keeping the costs up.

        • by doesnothingwell ( 945891 ) on Saturday December 26, 2020 @01:04PM (#60867492)

          The same vial of insulin from the same company costs $32 in Canada while people in the US pay $275 out of pocket. One of the few good things Trump tried to do was allow for the government to bargain for drug prices (like many foreign countries do). Well the lobbyists went into meltdown and squished that in a hurry. Nothing but pure and simple greed keeping the costs up.

          Go to Walmart they sell Relion N NPH 70/30 for $24.99, but yeah that's the real price. Quit allowing the medical/pharma INDUSTRY to scare you with boogyman retail prices. Its a game to keep people scared of change like single payer healthcare. While we're at it ban pharma ads. Who pays that million plus ad for best insulin on tv, Santa? Healthcare should be a utility a public work an act of kindness not shareholder returns.

        • by dryeo ( 100693 ) on Saturday December 26, 2020 @03:56PM (#60867828)

          And Canada has the third most expensive pharmaceuticals in the world, behind the USA and Switzerland.
          Hmm, looking for citations, it looks like I was wrong, 2nd place is more like it, including more expensive generics then America.
          https://nationalpost.com/news/... [nationalpost.com]
          https://www.cbc.ca/news/fifth/... [www.cbc.ca]

      • by sjames ( 1099 )

        remember too that those billions came from the U.S. Federal and other governments investing up front and buying the vaccine to be given to the population at no further charge.

        In other words, the COVID vaccines are a triumph of socialized medicine. It is exactly the sort of thing the proponents of single payer universal healthcare have been calling for.

  • They are scum (Score:4, Insightful)

    by Anarchduke ( 1551707 ) on Saturday December 26, 2020 @12:48AM (#60866408)
    Yes, they did produce the vaccine in record time. No one is questioning their pharmacological skills. They are still assholes. Skilled assholes.
    • by igny ( 716218 )
      Re: Yes, they did produce the vaccine in record time. No one is questioning their pharmacological skills.
      Consider that it is not industry that produced the vaccine, it is its underpaid skillful workers, that also get screwed by the industry probably as much as its clients...
  • by jellomizer ( 103300 ) on Saturday December 26, 2020 @12:51AM (#60866412)

    This isn't to say Pharma is the big hero. But it is also not the villan.
    They are in a business to create and sell medicine. Medicine is supposed to help people this is a good thing. However they also make a high demand product as there are a lot of people who want the medicine. So they will charge as much as they can for it. Which is often more than what a lot of people could afford.
    Being that Insurance or Government often pays for the bulk of the medicine most people don't get the price sting so a lot of people will get this product at a high price. So for those who do not have insurance or Government paying for it are stuck with paying a high price.

    • This isn't to say Pharma is the big hero. But it is also not the villan.
      They are in a business to create and sell medicine.

      That's the villainous part. What essentially amounts to "disaster relief" should never be part of a "free market". As other posters aptly put it: how much of that money was actually big pharma's?

      • by shilly ( 142940 )

        If you have a better way of funding meds development, feel free to spell it out.

    • Sometimes they are, like when they make insulin really expensive.

    • by AmiMoJo ( 196126 )

      In this case most of the vaccines available had at least some public money spent developing them, and of course big pre-orders placed by governments.

      Globally around $38bn is spent on pharma research. We should just do that ourselves for our own benefit. It's a fraction of what some Western countries spend on defence. We could club together and have our own well funded medical research institutes that produce open source drugs and treatments for our benefit, not the pharma companies' profits.

  • by BBF_BBF ( 812493 ) on Saturday December 26, 2020 @12:52AM (#60866416)
    Let's put it this way, Big Pharma didn't rush to be the first to provide an effective vaccine out of the kindness of their hearts, they did it because there's less profit for being the last and no profit for not doing it at all. Also, when the whole world is clamoring for a vaccine, what does the law of supply and demand do to the price that Big Pharma can get for their product?
    • by timeOday ( 582209 ) on Saturday December 26, 2020 @01:37AM (#60866486)
      The 'market price' of this is pretty unclear. Almost all the direct customers are sovereign governments with prices agreed upon upfront, and in many cases directly funding the companies to develop and test the vaccines before they existed.
  • by Strider- ( 39683 ) on Saturday December 26, 2020 @01:04AM (#60866434)

    Big Pharma had little to do with the actual development of the vaccines. The vaccines were developed by smaller companies (BioNTech, University of Oxford. The development and R&D was done by all these companies. The big pharma companies (AstraZenica, Pfizer, etc... ) took the work, ran it through the regulatory and testing process, but they didn't actually develop it.

    • by ghoul ( 157158 ) on Saturday December 26, 2020 @01:51AM (#60866518)
      What about Moderna and Novavax? They have been working on vaccines for a long time with no commercial success. The only reason they exist is that they have raised multiple rounds of capital. Now they are coming up with the 2 best vaccines. Do investors who kept giving money to companies with 0 revenue deserve to make a decent return on their investment. For every 10 investor funded pharma companies that fail , one succeeds. Investors need to make enough of that one to justify the 10 failed ones.
  • Not a year (Score:4, Informative)

    by michaelmalak ( 91262 ) <michael@michaelmalak.com> on Saturday December 26, 2020 @01:05AM (#60866436) Homepage
    It didn't take a year. It took two days [fee.org]. FDA refusal to accelerate active human volunteer trials delayed it by many months.
    • by Firethorn ( 177587 ) on Saturday December 26, 2020 @01:14AM (#60866460) Homepage Journal

      I recommend reading the article [fee.org] people.

      The answer to why the FDA would allow hundreds of thousands to die rather than approve the medicine early is the same reason why the "trolley problem" is a philosophical conundrum useful for examining your ethics. Basically, most people rate deaths from your inaction as lesser than deaths from your actions.

      The FDA isn't (yet) held responsible for deaths from diseases, but IS held responsible for deaths from approved medical treatments. Oh, and since actively exposing people to diseases to check on things like vaccination effectiveness is close to what the certain bad people did, we can't do that.

      • Russia did volunteer challenge trials and was able to get to the vaccine first. Russia however does not have a past history of doing experiments on black people so they have no collective guilt. They can take the scientifically valid fastest approach. USA has to move slowly to atone for its past crimes.
        • Including allowing drug companies no liability if the drugs have known side effects.

          1976 Swine Flu WIKI: "On April 8, an official from the Federal Insurance Company informed Merck & Co., a manufacturer of the swine flu vaccine, that it would exclude indemnity on Merck's product liability for the swine flu vaccine on July 1, 1976...In May, other vaccine manufacturers including Marion Merrell Dow, Parke-Davis, and Wyeth, were notified of indemnity problems by their respective insurers. Assistant Secretary

      • The foundation of modern human health WRT infectious disease is built on vaccinations.

        The "FDA is afraid of taking the blame" view is being simplistic and trying to pin the blame on some obvious target. It's wrong.

        Look at the way vaccines have been under attack from misinformed idiots the last 10 years. Idiots armed with no real data. Now, rush a single vaccine and get it wrong... watch the antivax moment absolutely explode and herd immunity fall completely apart in a single generation. Millions more deaths

      • by nagora ( 177841 )

        the "trolley problem" is a philosophical conundrum useful for examining your ethics.

        No it isn't. It's convoluted nonsense

      • by ceoyoyo ( 59147 )

        Lol. The FDA is publicly damned if they do and damned if they don't. This is a great illustration. Idiots yelling that the vaccines were rushed, unsafe, tinfoil-hat-evading-cattle-trackers on one hand, and idiots yelling that whatever residue pops out of a bioreactor should be immediately distributed on the other hand.

        Whatever do you do in such circumstances? Ignore the idiots and follow established procedures, including emergency ones, worked out by an international community of tens of thousands of actual

    • by shilly ( 142940 )

      It took two days to build an mRNA sequence on a computer. That's really not the same at all as having millions of doses of viable vaccine ready for administration. The rest of the time was spent on scaling up, and it's not finished yet. And scaling up and trials happened in parallel, not sequence

    • FDA refusal to accelerate active human volunteer trials delayed it by many months.

      This is a good thing. It's one of the reasons the USA avoided the Thalidomide problem https://en.wikipedia.org/wiki/... [wikipedia.org] in Europe. The trials were accelerated as fast as they could be without cutting corners.

      Also there's a big difference between "designed in a single weekend" and being production ready, and an even bigger difference between being production ready and being available to take en-mass. Even if the FDA approved your vaccine months earlier you still wouldn't have more doses than you have right n

  • by bloodhawk ( 813939 ) on Saturday December 26, 2020 @01:13AM (#60866454)
    They are pretty bad, even assholes, but worlds most loathed? not even close.
    • Most loathed apart from all the rest. Advertising, (real) estate, lawyers ... They seem to be the ones that everyone loves to hate. And there is quite a list of other possibilities. Everyone will have their own worst-worst and least-worst. I hadn't even considered big pharma to be on that list. I remain unconvinced that they should be. Maybe it's just an american pet hate?
  • by feedayeen ( 1322473 ) on Saturday December 26, 2020 @01:21AM (#60866474)

    Apart from yearly flu shots and the roughly once a decade Tdap vaccinations, most vaccines provide a lifetime of coverage from a disease for a few dollars to a few hundred dollars. A few shots usually have 90% or higher effectiveness at giving a lifetime of protection from a disease. It's like $1/year/person of profit, that's an exceptionally reasonable price scale that is affordable by most of the world's population even ignoring international and intranational aid for the poor.

    Nearly every other form of prescription medication is literally several orders of magnitude more profitable per patient. It's not uncommon for a 30 day prescription to cost $100 and often much more. If a patient lives with the condition for 10 years, the company will have made a hundred times more from treatment for a chronic condition than a magic shot that gives lifetime protection from another.

  • It's also the only one and the fastest! This is a stupid article! The vaccine was not hard to develop and took almost no time. The problem is the medical industry is so far behind modern science that people find it amazing they can actually innovate like any other similar industry. If you compare this vaccine to the development of other non mRNA vaccines, you are an idiot!
  • The fact that it took the third occurrence of a modern coronavirus outbreak, and only once it hit pandemic levels, did they "develop" a vaccine. So not record time. It was long overdue. Perhaps the "market" isn't some magical producer of everything like some claim it is.
    • YEP, new money in advance got them started. Ross River Fever, TB, Dengue, Malaria - Nah Urgency and premium priced was motive that put fire up their asses, as well as the bighest stok market bubble in the last 90 years. Note that the Gates Foundation fronted the seed money - apparently without expectation. in many cases.
  • If I understand correctly, the fastest we have ever come up with a vaccine is four years. Were there the stage three and four trials for this vaccine? Are there side effects? Will the virus mutate into something worse once the vaccine is out there? How do we know the vaccine is safe and problem free, because the corporations that developed it said so? Because governments say so? You mean we have had it for a while and worked out the bugs? No? Then WTF?
    • by ceoyoyo ( 59147 )

      The trial results you've been hearing about (> 90% efficacy, etc.) are phase III trials. Tens of thousands of people got each vaccine candidate in these trials.

      Phase IV trials are conducted after a treatment is approved. They're surveillance studies after you make the product widely available. They are absolutely happening, and are where things like the reports of allergic reactions come from.

  • Fuck you (Score:3, Interesting)

    by quintessencesluglord ( 652360 ) on Saturday December 26, 2020 @02:19AM (#60866548)

    Research into SARs ended when big pharma decided it would be unprofitable (or at least not profitable enough). That research continued on through government grant twenty years ago, which laid the foundation for the current Covid vaccine.

    But now big pharma is here to claim the glory for research they abandoned, and had to be goosed to develop in the first place (anyone interested should peruse the wiki article on the Economics of Vaccines. And that only scratches the surface of the incestuous relationship big pharma has with public research).

    It's enough to convince me that maybe medical research shouldn't be in the hands of big business (unless they want to fund it, all of it, themselves).

    • by Bongo ( 13261 )

      That is a really good point. Look, I am all for a planetary perspective -- there are problems which individual nations can't solve on their own, so the global NGOs, United Nations, WHO, etc sound like they are a positive -- but guess what, the most effective and powerful transnational orgs are the corporate multinationals -- and they are the ones influencing and controlling the global "solutions" at WHO levels. My point is that, it is worse than we think. And all the more reason to keep research free and ab

      • by Bongo ( 13261 )

        apologies for autocomplete errors...

        The problem with health and the environment, is that global corporations have made them their market opportunities to "solve" using their idea of "solutions"

  • by aepervius ( 535155 ) on Saturday December 26, 2020 @02:41AM (#60866572)
    Look guy, simply says the "US most loathed industry". The rest of the world is not like you. In fact I am betting you will only be able to cite mostly US centric example on why the pharma industry is loathed, like shrekli in the summary. I love the pharma or health industry. I pay next top nothing for drugs, and I get free vaccination.
  • Is the virus really going to be stopped if there are billions of people who can't afford the vaccine?

  • One shouldn't characterize an entire industry based on a handful of examples.

    Oh who am I kidding this is /., industry bad! Unless it's desktop linux, then it's definitely its year.
  • US != World (Score:5, Insightful)

    by bradley13 ( 1118935 ) on Saturday December 26, 2020 @03:01AM (#60866596) Homepage

    The title refers to the "world" as determined by a "Gallup poll", which most of the world has never heard of. Just because the US has a thoroughly screwed up healthcare system doesn't mean that the rest of the world is in the same situation.

    Modern medicine is amazing stuff. The pharma industry produces amazing stuff. Without capitalist incentives, the industry would not exist. One of the primary responsibilities of government is regulation, precisely to prevent excesses. USAians shouldn't be angry with the pharma industry, you should be angry with the failures of your government.

    Obamacare ("We have to pass the bill so that you can find out what is in it." - seriously?) made an already bad situation infinitely worse. You're seeing it again now: a 5000+ page COVID relief bill that is 90% about other things: new copyright provisions, foreign aid, building museums, mailing regulations, and infinite amounts of pork.

    The problem isn't the pharma industry.

  • by samwichse ( 1056268 ) on Saturday December 26, 2020 @03:08AM (#60866604)

    "The world's most loathed industry?"

    Whoa, wait a second now. Comcast takes exception to that.

  • Were you perhaps expecting the greeting card industry to produce the vaccine?

  • by schwit1 ( 797399 ) on Saturday December 26, 2020 @04:03AM (#60866676)

    There are worse industries: cable companies, lawyers, advertisers, news organizations, lawyers, Congress, social media companies, lawyers, etc.

    The article is painting the entire industry with the same brush because of a few scumbags

  • Might be loathed in countries that don't have universal health care, but most rational countries out limits on rorting.

    So yeah, loathed in Rome. I mean the US, got confused with the falling apart after stupid excess and the inability to see their own downfall.

The sooner all the animals are extinct, the sooner we'll find their money. - Ed Bluestone

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