‘Aspen Pharmacare discussed destruction of life-saving drugs to drive up prices'

Aspen Pharmacare had discussed destroying its stockpile of life-saving cancer drugs in order to drive up prices by 4000%, according to a report by The Times of London.

This comes after the JSE-listed pharmaceutical company bought the rights to five cancer drugs from GlaxoSmithKline.

The company [Aspen Pharmacare] would have enjoyed a monopoly in the marketplace and was no doubt tempted to use its newly gained power to exploit its customers and reap fabulous returns for its shareholders...

Rob Worthington-Smith, FarSightFirms

FarSightFirms rates the maturity of a company’s leadership based on how it responds to material non-financial issues (material to the medium- to long-term financial sustainability of the company).

It did extensive research into Aspen Pharmacare.

The drug maker also failed to disclose its 2016 €5.2-million Italian competition authority fine for price gouging.

Is Aspen Pharmacare morally bankrupt?

The Money Show’s Bruce Whitfield interviewed Worthington-Smith.

Although Aspen Pharmacare Chairperson Kuseni Dlamini was scheduled to talk to Whitfield he decided not to come on the show when he heard what the topic of conversation was.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

They [Aspen Pharmacare] make fluffy statements about caring for customers…

Rob Worthington-Smith, FarSightFirms

You can’t be cheating the marketplace.

Rob Worthington-Smith, FarSightFirms

There isn’t evidence of a moral code.

Rob Worthington-Smith, FarSightFirms

It’s important that companies stand for something.

Rob Worthington-Smith, FarSightFirms

I’d love to think Aspen Pharmacare has a communication problem [instead of an ethics one].

Rob Worthington-Smith, FarSightFirms

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
How to delegate (and why you must, whether you like it or not)

How to delegate (and why you must, whether you like it or not)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

Our investigations conclude is wasn’t us – Dracore on SA’s biggest data breach

Our investigations conclude is wasn’t us – Dracore on SA’s biggest data breach

The Money Show’s Bruce Whitfield interviews Dracore Data Services CEO Chantelle Fraser.

Where to invest? Property vs 'a small business' vs 'an investment fund'...

Where to invest? Property vs 'a small business' vs 'an investment fund'...

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

Estate agent Aida admits it’s the source of SA’s largest data hack ever

Estate agent Aida admits it’s the source of SA’s largest data hack ever

The Money Show’s Bruce Whitfield interviews Stuff magazine’s Toby Shapshak.

Mr Price, Discovery and Aspen are hot investments right now. Here’s why…

Mr Price, Discovery and Aspen are hot investments right now. Here’s why…

Trofin fund manager Claudius Rostoll on why he believes these three companies are the best investments on the JSE right now.

South African pharma-giant Aspen Group making good money abroad

South African pharma-giant Aspen Group making good money abroad

Aspen Group released results saying the international business delivered 49% of gross revenue.

Popular articles
Sassa cards will be functional beyond expiry date

Sassa cards will be functional beyond expiry date

Sassa says text messages making the rounds asking beneficiaries to come and renew their Sassa cards is a hoax.

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Bylaws, times you may use fireworks

Bylaws, times you may use fireworks

City of Johannesburg has urged residents to respect by-laws and the times set for fireworks to be used.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?