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Once a drug is approved, and there are few competitors, it can charge high prices and have great profit margins that gives rise to boardroom excesses, more so than in other industries.

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Yes, but the point is: they can charge anything at all only if there is a need for the drug. They can make billions on cancer only as long as cancer exist. No need -no value. So our Parma capitalism today only follows the logic discovered by their early capitalist predecessors centuries ago . Like those MDs in Geneva, Swiss hospital for the bubonic plague victims in 1530, First, times were good, but then times changed,

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But then a disaster happened: the plague was dying out, while the subsidies depended on the number of patients. There was no question of right and wrong for the Geneva hospital staff in 1530. If the plague produces money, then the plague is good. And then the doctors got organized.
At first, they just poisoned patients to raise the mortality statistics, but they quickly realized that the statistics didn't have to be just about mortality, but about mortality from plague.

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François Bonivard, "Chronicles of Geneva"

https://samim.io/p/2021-12-23-this-week-we-ti...nd-geneva/