Social Security Report

Medicare Loophole Leads to Drug Gouging

Regulations passed in 2006 requiring Medicare to cover the cost of certain drugs combined with a 2003 act preventing price negotiations is allowing pharmaceutical companies to charge whatever they want for their medication. The most recent example is with the company Turing Pharmaceuticals and their toxoplasmosis drug, Daraprim. After acquiring the drug in August, CEO Martin Skreli raised the price 5,000 percent, from $13.50 per tablet to $750. More can be read at The Atlantic with Julie Beck.

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