Word: crudely
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...July 11, when the price of crude oil peaked at $147.27 per bbl., SemGroup, a major oil distributor based in Tulsa, Okla., was only a week or so away from a potential $5 billion payoff. Instead, the company imploded. And soon afterward, so did the price of oil, dropping some 60% in the subsequent months, to a recent price below...
Farmers like Liu sell to small-scale companies--often family-run businesses--that process the intestines into crude heparin, which in turn becomes the key ingredient for the heparin that Baxter and other major drug firms sell worldwide. SPL's CEO, David Strunce, told Congress last spring that the raw material comes from "government-regulated slaughterhouses." But that regulation, farmers in Jiangsu told TIME, is haphazard at best. And if the slaughterhouses are haphazardly regulated, the small heparin-processing businesses--hundreds of them across the country--are virtually unregulated. "We haven't ever had the government come and inspect...
...Changzhou says it relies on two companies--its joint-venture partner, Changzhou Techpool, as well as a Hangzhou-based firm, Ruihua Biomedical Products Co.--to buy its crude heparin. Strunce has described them as meticulous in ensuring the quality of the crude heparin they buy for SPL. But several small suppliers told TIME they have sold directly to SPL or have been approached by the company, looking for product. And when FDA inspectors showed up in Hangzhou this year, after reports of a spike in deaths and illness, Ruihua Biomedical stiff-armed the investigators. It refused to let them inspect...
...countries, to 12 separate Chinese companies. To date, those 12 firms have not been identified by the FDA, Baxter or SPL. But the "working hypothesis," as Woodcock put it, is that the contamination was intentional. In other words, it was not the result of the filth from which crude heparin emerges. "It was economic fraud," said a senior U.S. official...
...derived from animal cartilage and used only in dietary supplements, not in medicines. The compound's key advantages: it is, as a Baxter spokeswoman puts it, a "virtual mimic of heparin" in most tests and, according to a congressional investigator, costs only $20 per kg, vs. $2,000 for crude heparin. The suppliers, investigators believe, colluded to substitute OSCS in the crude heparin they passed along for the standard price and pocketed the $1,980 difference for each kilogram they sold...