Presidents September 2019
planning ahead
Make sure that you check out GenericBid.com this month for some special promotions. On September 10th and 24th we will be running special one day auctions where everything starts at $1.00. We’re also waiving administration fees until the end of the year.
GenericBid is a fun and easy way to save a lot of money through our weekly auctions of short-dated and manufacturer closeout items. Everything that we sell is purchased directly from the manufacturer and our facilities are VAWD certified.
New York is the first state to impose a special tax on all opioids sold into their state. This has created a problem for many manufacturers and distributors where in some cases the tax is more than the cost of the product.
Some have just stopped shipping these products into the state while others have either raised their prices or added a tax charge on the invoice to pass this tax on to the pharmacies. While the intent is to use the tax dollars to help fight the opioid problem, what it will do is create shortages and put New York pharmacies at a competitive disadvantage with the neighboring states.
There has been a lot of press recently showing that deaths from prescription drugs have been decreasing but deaths from illegal street drugs has increased more. I’m not sure that a tax will do much to help solve the prescription drug deaths but rather it will probably either continue to cause an increase in street drugs or simply move the problem somewhere else.
The Aurobindo acquisition of Sandoz is expected to be finalized very soon. The deal, valued at about $900 million was announced a year ago but is still waiting for approval from the FTC.
Sandoz, as we know it today, was started in Detroit, Michigan and moved to Colorado in the 1970’s. Originally known as S.J. Tutag, it was purchased by Ciba-Geigy in 1979 and the name was changed to Cord Labs and later Geneva Generics. Novartis again changed the name to its previous Swiss divisions name Sandoz.