Massive Insurance Companies Bitches About Price. Pot Meet Kettle.

Tufts Health Plan and Harvard Pilgrim Health Care announced its combined organization will be known as Point32Health

It’s really nice when a massive insurance company, made even bigger by a recent merger, that gouges its customers with cost, comes out and complains that things are too expensive. The article in the Boston Globe talks about Point32Health and is entitled State’s second-largest health insurer slams Biogen for costly Alzheimer’s drug. It’s long but here is a snippet:

The state’s second-biggest health insurer is threatening to limit or not cover Biogen’s new Alzheimer’s drug, accusing the Cambridge biotech of putting “excessive corporate profits” ahead of patients by charging $56,000 a year for the controversial treatment.

Michael Sherman, chief medical officer for Point32Health, the insurance company formed by the recent merger of Tufts Health Plan and Harvard Pilgrim Health Care, said Biogen should cut the cost of the drug called Aduhelm by a factor of roughly 10, to $5,400, given the medicine’s questionable benefits and potential risks.

If Biogen doesn’t lower the price, Sherman said, Point32Health may not cover the drug for 1.1 million customers, most of whom get their insurance through their employers and make up about half of its membership. Or, he said, the insurer will impose restrictions, such as requiring periodic brain-imaging tests to prove patients are benefitting from the drug. The insurer has made no coverage decisions yet.

Yes, this drug is expensive. Yes, this drug is controversial. Let’s hope the price comes down and the drug proves its worth.

BUT FOR THE CMO OF THIS MASSIVE BEHEMOTH INSURANCE COMPANY TO BITCH ABOUT COST IS LAUGHABLE!

Sherman puts out quotes such as:

  • “fair price”
  • “demonstrating their willingness to put excessive corporate profits ahead of the welfare of the patients whom we all serve”
  • “cut the cost of the drug called Aduhelm by a factor of roughly 10”

Hey, Mr. Sherman, look in the mirror, bro. How about you have a fair price for your insurance coverage? How about you demonstrate the willingness to NOT put excessive corporate profits ahead of the welfare of the patients whom you serve? How much should you do this to make it affordable? Hmmmm. How about cutting it by a factor of 10? Instead of $1500 a month for a family (which is basically a mortgage) you cut it to $150?

Hypocrites always drive me nuts. Thanks to Dr. Jeffrey Gold for sending me this article.

438510cookie-checkMassive Insurance Companies Bitches About Price. Pot Meet Kettle.