Word: millions
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Dates: during 1950-1959
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...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 in 1942, and put Francis Brown, then a young Government attorney, in charge. The Government sold the company for $29 million in 1952, and within five years its yearly net exceeded that. But success was not guaranteed. A year after the stock went on the market at $17.50, it dropped to $11 before the company developed a cortisone-type drug. Then it found two, prednisolone and prednisone. Today, counting splits...
Three Prices. The subcommittee needled the industry again when it produced Seymour N. Blackman, executive secretary of Premo Pharmaceutical Laboratories of South Hackensack, NJ. Blackman estimated that the U.S. public could save $750 million a year if physicians would use scientific instead of brand names in prescriptions. This year Premo sold the Government prednisone tablets at $20.01 per thousand, while Merck & Co. offered to supply them to the Government at $63.70 per thousand and sold them to druggists at $179, for a retail price...
Illustrating the job of the creators, Connor said that his company spent 15 years trying to develop a cure for the rare (800 new cases a year) Addison's disease. In the search it found out, in 1949, how to mass-produce cortisone, today used by millions, and with its derivatives the most broadly prescribed chemical compound for disorders from arthritis to asthma and hay fever. Instead of profiteering, Connor said, Merck cut the price from $200 to $20 a gram before it had a competitor, then licensed so many other manufacturers that last year...
...Many Pitchmen? One of the biggest reasons for the high cost of medicines is the growing army of salesmen. The major drug firms employ an estimated 20,000, or one for every ten physicians, and they make 18 million calls a year to get doctors to prescribe and druggists to stock their products. Is this necessary? No, said Dr. Louis Lasagna, head of clinical pharmacology at Johns Hopkins. Too many new drugs, he said, often are "not as good as what they replace...
CHANCE VOUGHT AIRCRAFT, hard hit by defense cutbacks, will become a major maker of mobile housing units. It bought two house-trailer manufacturers, General Coach Works, ABC Coach Co., and will add a third, Mid-States Corp. Three firms' combined 1959 sales: $60 million...