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reply to post by Hoosierdaddy71
How much are you paying?
I'm on the borderline for a hearing aid. The hearing aid doctor told me they cost $3,200 and it's not covered by insurance. He let me try them out for a month. I had to bring them back twice because they stopped working. I told him, they weren't worth $3,200 and gave them back. I think the batteries are costly too! I told him I could buy three good lap top computers for the price of those small hearing aids. I told him I know they don't contain as much electronic components as a computer, so I couldn't justify paying that amount of money.
There is no way in hell, that those hearing aids should cost anywhere near $3,200. Manufacturers and pharmaceutical are taking us to the bank and causing the insurance rates to sky rocket. It seems like there's no competition and the price is set across the board no matter how cheap it costs to manufacture. They know a high percentage of people need these drugs and medical devices so they artificially keep the price high.
Here's why it's $3,200 instead of $100. The average cost to get a device through FDA testing to be certified as a medical device is approximately $250 million. To recoup just those costs they have to sell almost 80,000 units. Oh that $250 million. If there's a new feature in the new model... yup another $250 mill gone.
I was talking with a pharmaceutical rep who has been in the business over 10 years and he told me what sounds like a very plausible explanation.
He said for a person or company to get a medicine or medical apparatus to be allowed through the FDA they are given 17 years to create, test and get it through a review board from start to finish. He continued by saying, for example, that a medicine could take 10 years to finally pass through the FDA. That would only give the company 7 years to recoup any loss of revenue from developing and testing their product for that past 10 years plus earn a profit.
This is why everything cost through the roof because, according to him, after the 17 years has expired the medicine is allowed to be made generically by competitors.
In the end it all comes down to making lots of money over a short period of time.
edit on 2-12-2013 by TheLieWeLive because: (no reason given)
the problem is in fact insurance.
the medical costs are so high because the practitioners also must be insured for when they get sued for malpractice. same goes for the pill manufacturers.
"have YOU or one of YOUR LOVED ONES taken AVANDIA and suffered heart attack, stroke, or DEATH? CALL OUR LAW EXPERTS TODAY!"
the whole thing is a big circular racket involving the pharmaceutical industry, the regulators, the insurance companies, and the law firms.
Lawyers made billions of dollars in the 1980s and 1990s by setting up mobile X-ray screening sites at union halls and other locations with concentrations of industrial workers, l0oking for claimants with lung scarring or other signs of asbestos-related disease. Because lung cancer is clearly caused by smoking, workers with cancer and a history of smoking were considered to have lower-value cases than n0n-smoking workers with asbestosis.
Using a time-honored strategy, lawyers bundled those weak and strong cases together, leveraging larger overall settlements than if the cases were presented separately. The most valuable cases have always involved mesothelioma, a cancer of the chest lining that is closely linked to asbestos exposure (although it clearly has other causes; the death rate has been rising in recent years despite a steep decline in industrial asbestos use since the 1970s.). In one example cited by the authors, G-I Holdings settled 160,000 cases in the 1990s in groups of 250 or more, paying out two-thirds of the money to non-mesothelioma claimants.
reply to post by LadyLurker
That sounds fine and dandy but you left something out of the reply.
If your doctor screws up while you are in surgery, you would jump on the lawsuit bandwagon just like everybody else.
I should say that I don't have all the answers to the problem I'm just saying that the expenses should be researched and hopefully remedied before we just pay the bill.
reply to post by Hoosierdaddy71
The root cause is medical school. There aren't enough seats. No competition in the market place. The supply -vs- demand thing.
The truth of it really is that no one wants to fix the problem.