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Aug 20, 2011

Logic Will Out

(with a hat tip to Balloon Juice)

There is a sick feeling of perverted satisfaction in stories like this.  I guess it comes from thinking that this is where all their Free Market shit ends up.
So far this year, at least 180 drugs that are crucial for treating childhood leukemia, breast and colon cancer, infections and other diseases have been declared in short supply — a record number.
-snip-
Executives at Premier, a hospital buying cooperative, said that in April and May its members received hundreds of offers from obscure drug wholesalers to sell drugs in short supply at vastly inflated prices. Of the 636 offers that included a price, 45 percent were at least 10 times the normal rate and 27 percent were at least 20 times normal.
Such sales offers are legal as long as suppliers prove that they bought the drugs appropriately. Some wholesalers buy certain drugs in large quantities because they are betting there will be a shortage. The excessive buying can help make their predictions come true. “We never like to see a situation where people can profit off of a national crisis and engage in price gouging,” Mike Alkire, Premier’s chief operating officer, said in an interview.
If you think for a minute these guys won't look for opportunities to create a shortage, then you're just fuckin' stupid.  I knew Mike Alkire when he was a lowly drug rep - the guy's a shark.  He would have no qualms at all about taking advantage of these situations.
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