Word: toed
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Dates: during 1950-1959
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To the public, the U.S. drug industry would like to appear as a dedicated, white-coated scientist skillfully brewing one wonder drug after another. But Tennessee's Estes Kefauver, chairman of the Senate Antitrust Subcommittee, long has had ambitions to paint a different picture -of an industry that fixes...
Dramatically Kefauver's staff presented a chart showing that the Schering Corp. sold bottles containing 100 tablets of prednisolone, an antiarthritic drug, to druggists for $17.90, although the cost of buying the drug from another drug manufacturer and bottling it came to only $1.57. Was this markup of 1...
Hidden Costs. Upset by the fast attack, Schering's President Francis C. Brown hotly protested that Keef's chart -and the Keef himself-were all wrong. Prednisolone, said Brown, is a Schering improvement on Merck & Co.'s basic cortisone, is marketed by Schering under the trade name...
If people think that wonder drugs, such as prednisolone, which enables bedridden arthritics to walk, cost too much, said Brown haughtily, the problem is "inadequate income rather than excessive prices." In reply, the subcommittee staff brought out that Schering bought some hormone tablets at 12? per 60 from a French...
In choosing Schering as his initial target, Senator Kefauver picked a good example of the high-profit potential of the drug industry. Set up in Bloomfield, N.J., in 1935 by Germans to make sex hormones, Schering had only $3,000,000 in annual sales when the Government confiscated the company...