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What Pfizer Did for Big Money

Here is a story on Big Drug companies do for money, focusing on Pfizer.

The patent for the cholesterol drug Lipitor ran out at the end of November 2011.

www.emedicalstate.com

And the maker of Lipitor, Pfizer had a few tricks to make more money out of it which it would lose as people switched to cheaper generics which would be made after the patent expires. Now other companies would sell Lipitor in the form of atorvastatin, a cheaper generic drugs.

Pfizer didn’t want to see the money go because as the New York Times said over the last decade Pfizer made $106 Billion in sales of Lipitor.

You are probably asking, what did Pfizer do?

www.logohistory.blogspot.com

Pfizer made a deal with Medco, which is the largest Pharmacy Benefit Management (PBM) in the world. PBMs help drug companies sell drugs to insurers and employers who sponsor insurance plans. As a result of of this deal between Pfizer  and Medco deal, on Dec 1, 2011,  which is when drugstores added the generic form of Lipitor to their shelves. People who took Lipitor would not be able to save money and get the generic version if their insurer was Medco.

The rule was so strict that people with Medco they would not be able to get the generic version even if a doctor wrote them a prescription for generic version, Medco would give them Lipitor regular version.

www.nonprofitrisk.com

If the deal just lasted to May 2012, when more drug companies would be allowed to make a version of Lipitor, Wall Street drug analyst Dr. Tim Anderson said Pfizer would make $700 million on this deal alone in 2012 as compared to the money not being made if they did not make a deal.

In April 2012, Pfizer sold $268 million worth of Lipitor.

Pfizer recently told “The Wall Street Journal” is “is quietly giving up on its once great cash cow for good because more generic versions will soon be going on sale.. The company  is no longer negotiating new contracts to sell Lipitor to health plans, which are signing up to sell generic versions at far lower prices.”

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  1. wow! such big deals among med companies. thanks for the share Jenny!

  2. Very interesting. Drugs companies are making a lot of money from their drugs. They hate to see their patent goes away.

  3. Interesting article, thank you for this.

  4. thanks nice article

  5. Patent loss is alwasys a massive blow to a company.

  6. nice share

  7. Greed, at the expense of the patients who need this drug. How sad these big companies are resorting to these extremes, to fleece us, mainly our elderly citizens. Good article.

  8. Wonderful information
    Best Wishes
    stevetheblogger

  9. Interesting. It is such a huge amount. Thanks for sharing this.:-)

  10. Interesting thanks for sharing

  11. Well written – thank you. And thank you for your support.

  12. Informative. Thanks

  13. It is interesting. Though, we often forget how much it takes to bring new drugs onto the market. Research and testing take a toll.

  14. Thanks for sharing this informative post.

  15. The sales amounts are enormous and as someone else commented, the time, money, hours and research going into the creation of the medication is never given…

  16. There are so many drugs given to the elderly and not-so-elderly, that one has to wonder if the diseases are killing us, or the medicines. Pharmaceutical companies claim that the tremendous expense of research and development of new drugs substantiates the cost of the medicine itself. But few people know that grants and funding from other mega corporations, as well as the federal government, make the research itself highly profitable, even if the drug never made it to market, which many never do. I have a friend in her 40’s who is on 18 different drugs. I see patient’s charts who have recently gotten out of the hospital, who are on two pages of drugs, supplements, prescription creams, analgesics and you name it. I cannot express my anger adequately at our pharmaceutical industries and the doctors who are their water boys (and girls). What ever happened to, “First Do No Harm”?

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