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Posts Tagged ‘pricing

“Gain not base gains; base gains are the same as losses”*…

When inventor Frederick Banting discovered insulin in 1921, he refused to put his name on the patent. He felt it was unethical for a doctor to profit from a discovery that would save lives. Banting’s co-inventors, James Collip and Charles Best, sold the insulin patent to the University of Toronto for a mere $1. They wanted everyone who needed their medication to be able to afford it. [see here]

Today, Banting and his colleagues would be spinning in their graves: Their drug, which many of the 30 million Americans with diabetes rely on, has become the poster child for pharmaceutical price gouging.

The cost of the four most popular types of insulin has tripled over the past decade, and the out-of-pocket prescription costs patients now face have doubled. By 2016, the average price per month rose to $450 — and costs continue to rise, so much so that as many as one in four people with diabetes are now skimping on or skipping lifesaving doses

Why Americans ration a drug discovered– and given free to the world– in the 1920s: “The absurdly high cost of insulin, explained.”

* Hesiod (See also Proverbs 28:20: “he that maketh haste to be rich shall not be innocent”)

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As we ponder pleonexia, we might send healing birthday greetings to Edward Lawrie Tatum; he was born on this date in 1909. A geneticist, he shared half of the Nobel Prize in Physiology or Medicine in 1958 with George Beadle for showing that genes control individual steps in metabolism. During World War II, his work was of use in maximizing penicillin production, and it has also made possible the introduction of new methods for assaying vitamins and amino acids in foods and tissues. Tatum and Joshua Lederberg (the winner of the other half of the 1958 Nobel award), discovered genetic recombination in bacteria.

His discoveries were made freely available to the scientific community.

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“Luncheon: as much food as one’s hand can hold”*…

 

lobster

 

This summer Pret A Manger, purveyor of sandwiches to desk-workers in the white-collar cities of the West, added lobster rolls to its menu. In Britain they cost £5.99 ($7.31); in America $9.99. In both countries they are filled with lobster from Maine, along with cucumber, mayonnaise and more. Rent and labour cost about the same in London as in downtown New York or Boston. Neither sticker price includes sales tax. Yet a Pret lobster roll in America is a third pricier than in Britain, even though the lobster comes from nearer by.

This Pret price gap is not limited to lobster rolls. According to data gathered by The Economist on the dozen Pret sandwiches that are most similar in the two countries, the American ones cost on average 74% more (see chart). An egg sandwich in New York costs $4.99 to London’s £1.79, more than double. A tuna baguette costs two-thirds more. The price mismatch is intriguing—the more so for The Economist, which publishes the Big Mac index, a cross-country comparison of burger prices, which shows a 43% transatlantic disparity…

sandwich prices

Find out “Why Americans pay more for lunch than Britons do.”

* Samuel Johnson

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As we cogitate on the cost of comestibles, we might spare a thought for Luther Crowell; he died on this date in 1903.  A prolific inventor (he held over 280 patents), he invented and patented the first machine to manufacture accordion-sided, flat-bottomed paper bags.

(That said, Margaret E. Knight might more accurately be considered the”mother of the modern shopping bag”: she perfected square bottoms two years earlier.)

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Written by LW

September 16, 2019 at 1:01 am

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