Perspective from the Medical Research Community

Two years ago, this company raised the price of their product from about $3500/vial to about $19,000/vial. Considering each of our patients use 2-3 vials of this drug per treatment, this procedure now costs our patients & their insurance companies (if covered) over $38,000-$57,000+.

This was done with the promise that the additional revenue would be put back into research at facilities like ours, to increase the potential benefits to the patient. This was a completely inaccurate statement; centers like mine throughout the US, have not seen a cent of this revenue. This farce, was delivered by this company without shame, to temper anger, all the while without ever having honest intention of following through.

The conclusion is unanimous amongst the medical community at our institution: this company has scammed our hospital, our practice and most worst, the patients we serve.

There are far too many less-expensive treatment alternatives, with similar outcomes, to justify supporting such a dishonest and price-gauging organization. Our terminally ill patients do not deserve to be taken advantage in this way.

 

The CEO is on record (unbeknowest to him) stating he will raise the price per vial to 50 K due to lagging sales.

 

The rationale behind the statement of raising the price to 50 K per vial (according to the CEO) is the following:
#1) Sales are lagging
#2) Since doctors are using PDT w/Photofrin as a last resort, then they are using it because there are no other altenatives as may be the case with cholangio carcinoma. Therefore, because it is not a consistent income generator, pricing it at 50 K will make up for lost revenue.
#3) Pressure on maintaining other investments and properties in Illinois, Florida, Columbia, and Spain.

 

Whoever owns that recording should forward it to Medicare and the major news networks. This is just absurd!
Looks like these are the folks in charge: http://www.pinnaclebiologics.com/about-us/executive-team
I think I've seen the last guy on that list at our last conference. He was sleeping in the audience during the ablation talk.

These crooked "executives" should be behind bars for financially taking advantage of terminally ill cancer patients!!! Imagine the uproar when the news media gets wind of this!

 

There were 9 people in the board room when the CEO made the statement. It was made loud and clear. There were about 3-4 cell phones on the table. And only one had the record button pressed.

http://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Surveillance/DrugMarketingAdvertisingandCommunications/ucm209384.htm#ContactInformation

The count down starts...4,3,2,

 

I wonder if he's ever been diagnosed with Narcolepsy. Better to sleep during meetings and medical talks vs falling asleep behind the wheel of a moving vehicle. I feel bad for the man. One day I'm sure to see him sleeping at an airport gate. Maybe I'll wake him up to say hi.

 

Must read!

http://www.cafepharma.com/boards/showthread.php?t=517523