Philosophy
The world's leading supplier of the anti-diabetes drug insulin is withdrawing a state-of-the-art medication from Greece.
Novo Nordisk, a Danish company, objects to a government decree ordering a 25% price cut in all medicines.
A campaign group has condemned the move as "brutal capitalist blackmail".
More than 50,000 Greeks with diabetes use Novo Nordisk's product, which is injected via an easy-to-use fountain pen-like device.
A spokesman for the Danish pharmaceutical company said it was withdrawing the product from the Greek market because the price cut would force its business in Greece to run at a loss.
The company was also concerned that the compulsory 25% reduction would have a knock-on effect because other countries use Greece as a key reference point for setting drug prices.
'Insensitive'
Greece wants to slash its enormous medical bill as part of its effort to reduce the country's crippling debt.
International pharmaceutical companies are owed billions in unpaid bills. Novo Nordisk claims it is owed $36m (£24.9m) dollars by the Greek state.
Pavlos Panayotacos, whose 10-year-old daughter Nephele has diabetes, has written to Novo Nordisk's chairman to criticise the move.
"As an economist I realize the importance of making a profit, but healthcare is more than just the bottom line," he wrote.
"As you well may know, Greece is presently in dire economic and social straits, and you could not have acted in a more insensitive manner at a more inopportune time."
The Greek diabetes association was more robust, describing the Danes' actions as "brutal blackmail" and "a violation of corporate social responsibility".
The Danish chairman, Lars Sorensen, wrote to Mr Panayotacos stressing that it was "the irresponsible management of finances by the Greek government which puts both you and our company in this difficult position".
People with diabetes in Greece have warned that some could die as a result of this action.
But a spokesman for Novo Nordisk said this issue was not about killing people. By way of compensation, he said the company would make available an insulin product called glucagen, free of charge.
Novo Nordisk [Wikipedia]
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Philosophy
Greed in Greece?
"Insulin giant pulls medicine from Greece over price cut"
by
Malcolm Brabant
May 29th, 2010
BBC News
by
Malcolm Brabant
May 29th, 2010
BBC News
The world's leading supplier of the anti-diabetes drug insulin is withdrawing a state-of-the-art medication from Greece.
Novo Nordisk, a Danish company, objects to a government decree ordering a 25% price cut in all medicines.
A campaign group has condemned the move as "brutal capitalist blackmail".
More than 50,000 Greeks with diabetes use Novo Nordisk's product, which is injected via an easy-to-use fountain pen-like device.
A spokesman for the Danish pharmaceutical company said it was withdrawing the product from the Greek market because the price cut would force its business in Greece to run at a loss.
The company was also concerned that the compulsory 25% reduction would have a knock-on effect because other countries use Greece as a key reference point for setting drug prices.
'Insensitive'
Greece wants to slash its enormous medical bill as part of its effort to reduce the country's crippling debt.
International pharmaceutical companies are owed billions in unpaid bills. Novo Nordisk claims it is owed $36m (£24.9m) dollars by the Greek state.
Pavlos Panayotacos, whose 10-year-old daughter Nephele has diabetes, has written to Novo Nordisk's chairman to criticise the move.
"As an economist I realize the importance of making a profit, but healthcare is more than just the bottom line," he wrote.
"As you well may know, Greece is presently in dire economic and social straits, and you could not have acted in a more insensitive manner at a more inopportune time."
The Greek diabetes association was more robust, describing the Danes' actions as "brutal blackmail" and "a violation of corporate social responsibility".
The Danish chairman, Lars Sorensen, wrote to Mr Panayotacos stressing that it was "the irresponsible management of finances by the Greek government which puts both you and our company in this difficult position".
People with diabetes in Greece have warned that some could die as a result of this action.
But a spokesman for Novo Nordisk said this issue was not about killing people. By way of compensation, he said the company would make available an insulin product called glucagen, free of charge.
Novo Nordisk [Wikipedia]
- "tychê"...lisa I. Hau's Take
I will have to reread several times for many years I held a different understanding of "tychê"...for me meaning a realization of personal status and accepting same. Encyclopedia of World Biography on Polybios... The Greek historian Polybios (ca. 203-120...
- A Myth Maker
"Prehistoric Fossil May Have Inspired Greek Myths" The thigh bone of a huge extinct mammal may have helped inspired a beast or two in classical mythology. by Rossella Lorenzi March 31st, 2011 DISCOVERY NEWS The bone of a large extinct creature, once...
- Halley's Comet And The Ancient Greeks--466 Bc
"Halley's comet 'was spotted by the ancient Greeks'" by Paul Rincon September 10th, 2010 BBC News A celestial event seen by the ancient Greeks may be the earliest sighting of Halley's comet, new evidence suggests. According to ancient...
- Pfizer...spanked For Poor Ethics
"Pfizer Pays $2.3 Billion to Settle Marketing Case" by Gardiner Harris September 3rd, 2009 The New York Times Top aides in the Obama administration announced a $2.3 billion settlement on Wednesday with the pharmaceutical giant Pfizer Inc. over the company’s...
- Lexapro And Forest Laboratories...bad Ethics
Just more revelations of drug company greed and market manipulation. "A Drug Maker’s Strategy Revealed" by Gardiner Harris September 2nd, 2009 The New York Times The pharmaceutical industry has developed thousands of medicines that have saved millions...