Kate Gibson reports for CBS Money Watch that Medicare is no longer covering a costly brain-cancer drug because the company that manufactures it charges way too much for it. The drug’s manufacturer has decided not to participate in Medicare’s drug discount program. Consequently, people with brain cancer will not have Gleostine as a treatment option unless they can pay its sticker price on their own.
It’s hard to fault Medicare for refusing to be gouged by NextSource, Gleostine’s manufacturer, and to pay many times what it had been paying for the drug. NextSource Biotechnology charges as much as $1,000 for a Gleostine capsule that had cost $50. It is cutting off what can be life-saving medicine to thousands of people who cannot afford to pay for the drug out of pocket.
People need Gleostine to treat glioblastomas. It is medically necessary as treatment for people with aggressive brain tumors. There are few alternatives. What’s noteworthy is that it has been around for 40 years and is no longer patented. But, there’s no generic low-cost alternative.
Half of people with glioblastomas who need the drug have Medicare. Avastin is an alternative treatment.
NextSource has hiked up the price 1,400 percent since buying it a few years ago. It did no research or development on the drug. It simply rebranded it. Congress must take away drugmakers’ power to set drug prices and negotiate reasonable prices for all drugs in the US without any further ado.
Here’s more from Just Care:
- Hospitals plan to launch drug manufacturing business
- Former Lilly employee reports that drug prices are set to maximize profits
- Drug prices: It’s time for the federal government to step in
- Senator Wyden sets forth principles for drug price reform
- For-profit hospitals are causing rising medical debt and personal bankruptcy
