tv On the Money ABC September 4, 2016 3:00am-3:31am CDT
hello, everyone. welcome to "on the money." i'm becky quick. she works 9:00 to 5:00 and said no to elvis decades ago and still going strong. our conversation with the incredible artist and even more incredible business woman dolly part on. >>'v >> and epipen, why one small live saving medical device is the center of a big controversy over drug pricing. >> an all important tool to make sure you have income when you retire but it is not for everyone. >>e final frontier. what does proxima b. mean and should we go to mars. we ask an astronaut right now.
>> now, becky quick. we begin with epipen. for those who suffer from life-threatening allergies, epipen is a life saver. mylan has a 90% sharp of the product and they are rising the question, should there le limited on drug price hikes. meg tirrell is here with our cover story this week. >> the rice has prison 500% in the last decade. prescriptis drug spiked during back-to-school season as they stock ahead for the school and the year. now $600 for a pack of two, the epipen price tag is drawing outrage and caught the attention of washington, drawing intention pressure on mylan. they defended the price increase. >> there is a drug price of 068
out there are four or five hands that the prod touches and companies that it goes through before it ever gets to the patient at the cou >> bresch said more than half of th $600 goes to pharmacy and distributors and the help patie co-pays. when that didn't quell the pressure, they introduced the own generic product. identical to the branded epipen but at half of the price. the lawmakers continue to press for answers about the price increase in the first place. while critics say even the generic price is still much higher than the price ten years ago. >> the most important question is can everyone who needs a epipen now afford h season and scrutiny pricing isn't going anywhere. >> you could understand why this happens with epipen because people who buy it for their kids need one at home and one in the car and one for school. so it adds up.
has the company done anything to really change the epipen product since it started raising rates? >> well, they say they have made some changes to the product itself. to the injector covering the needle and folks will point to all of the -- what they call education in training they do, showing people why they need it and how to use the epipen. other people might argue it is all marketing. >> thanks. joiningno physician and served at the food and drug administration. scott, thank you for being here. we heard of pharmaceutical companies being changed and raising the prices. what do you think is happening here. >> the subject to vigorous competition and they've been given a monopoly for a variety of reasons and
and there is no reason why there aren't other version are drug t are hart to formulate or hard to make or in mylan's case, the epipen, hard to deliver. >> how is it hard to deliver. >> making an injector to deliver a precise dose of a drug isn't that easy. sin ovie had problems associated with it. it is a catch 22 because if you want to develop product you have to replicate it exactly and use the same instructions but it maintains intellectual property so if you want to make an auto injector pen it is different different but the generic law said if you want to make a copy you have to provide the same instructions as the g to copy. >> is this a problem with the fda or with the ru has set up.
the original rules to create generic drugs the wax hack drug was old and it is small molecule drugs, out of a medicine cabinet that are easy to copy but it is not as simple as just making a similar version of the drug that you are trying to copy so i think fda needs more flexibility to approve copies of the drugs and in the case of the epipen, i think it is a classic example. >> hillary clinton just came out with a plan on fri of checking out price controls when it came to drug hikes, drug increases. it is in response to what we've seen from so many of the companies that have hiked prices by 500 and 600% and even more. is that the right solution. >> unfortunately i don't think that is. because there is a self-correcting monopoly and the price goes up and that encourages competition into the market and trying to cap the
market. >> and mylan response is they'll put out a generation version which costs $300 versus $600 and weird to think of a company putting out a generic version and is this an appropriate response. >> it will help consumers and help mylan in the long run and might take the pressure off fda pp another version and in the short-term it is providing relief to consumers who are out of pocket. most people don't pay list price, most people get it paid through insurance and the only people -- >> the people who can left afford it. >> exactly. and now they have a $300 option. so for them it will provide a benefit. >> let's talk about zika. we're at the end of the summer which is good news for northern regions of the country. but they did find actual mosquitos with the zika virus in miami beach this week. so as we get into the cooler parts of the year, is this okay?
we've seen so far and how big of a threat this is and is it for a larger outbreak in the united states. >> right. we're very low risk for an outbreak in the united states. the problem is there is not good surveillance in all we don't k the outbreaks are occurring and there are more people worried than they should be and i don't think they should be concerned because this is a more worrisome virus, the more we learn, the more we learn it is quite serious. >> doctor, thank you for us. >> thank you. now a look at what is making news as we head into a new week "on the money." a disappointing jobs report for august. america's economy did create 151,000 new jobs last month but that was slightly below expectation. the unemployment rate was unchanged at 4.9% for the month. food services and the professional sector showed growth but manufacturing shrank a bit. the dow spent the week waiting for the jobs number and climbed
wouldn't raise rates later this month because of the disappointing number. the nasdaq and the s&p following suit. stocks closed higher on friday. u.s. auto sales are coming off. gm and ford showed declines. ford was down 8.4% and gm by 5.2% a slightly better than expected. amazon may near a la for a music streaming service. the online giant is e ready to take on apple and spotify with a $9.99. pandora is close to a new service as well. up nexts, we're "on the money." the first african-american in space and now she is working to get other astronauts beyond our solar system. and later, making sure you have enough income in retirement. should annuities be part of your plan. we have a road map when we return. right now, as we head to a break, take a lookt how the
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from nasa journey to mars to newly discovered planets, there is a lot of excitement around space travel today. 24 years ago, mae gem isson was the first african-american in space and today she is working to advance space travel with the 100 year star ship project. thank you for joining us again. it is great >> you are very welcome. i'm really excited about all of the things that are happening today in space exploration and how they apply to life back here on earth. >> you say that there is a connection between what we're discovering there and how it affects us here on earth. whatthat? >> so the connection is that in order to do space exploration, you have to push further than the things that we how to do now. today we take gps systems for
today we take magnetic resonance, mri for granted and they were built on the algorithms that the computer programs that were used to interpret signals of probes that looked at venus, for example. >> lets a talk about the things we've seen in the last week or two. a new planet proxima b. discovered and it is similar to earth and it has others wondering, life could other plan do you think of havin in space. >> having been on space doesn't -- >> you didn't see any martians out there. >> not that i could tell you. the reality is that we know that this universe that our galaxy has billions of stars and we know that stars ie els to me i absolutely there. proxima b. is great because it
but the closest neighboring star which means we might have an opportunity to see it, one day. >> wow! . and in terms of seeing things. we still haven't finished exploring our own solar system. the nasa is expected to go to mars in the next 20 years. do you think it in that time frame. >> as far as i'm concerned, we could ha mars sooner than that. as astronaut, i thought as a little girl growing up that i ul to mars, it is definitely something we could do. the issue is whether or not we have the commitmt back to life that folks understand this isn't just a boondoggle. it is really about changing our world here. >> just this week elon musk had the space x rocket that exploded on the launch pad. this is a rocket that was taking up facebook satellite that was going to be going there but the rockets are doing things like supplying the international
business. obviously nasa has had its own problems but do you think that these commercial partnerships with nasa are the ri to going and trying to accelerate the space program. >> i think it is a balance. people see it as either/or but it is a balance and we vef to remember that the commercial industry has always been there so boeing and other organizations were building vehicles and rockets a long time. so it is always been there. this partnership now is different because there is a little bit more independence and now you have new players in the market. >> it was just four weeks ago that you cut the ribbon and opened the high school in huntsville, alabama. would you describe the moment and the school for us. >> going to the gem is on was a treat and it is an honor. the experience was one of sort of thinking back to when i was a high school student and thinking, wow, i would have
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most americans don't know how to turn hard earned saving news a steady stream of income for when they retire but there are ways to do it. senior personal finance correspondent sharon eppers joins us now to explain. and sharon, i guess we should start with bakersfi. what is an annuity. >> it is an you and an insurance company and you put in a certain amount of money and you receive payments immediately or somewhere down the road. the reason why f is when te get to their 50s or 60s and think about how much money they need in their retirement and look at their social security and that is a steady check and if they are lucking looking at pension and getting a steady check but there may be a shortfall and that is where an annuity may come in.g getting a payment later deferred annuity. >> because you don't necessarily want to be relying on a stock market to be a certainly level and you have monthly needs to
getting that paid out. >> how do you know if you need an annuity? how do you assess it. >> you ask yourself whether or not you do need a monthly paycheck in addition to the social security and if you get a pension. and than maybe your fine maxing out your contribution at work, your 401(k) or ira is enough saved on the side but if the answer is yes, you need to get the steady income, consider getting an annuity and figure out w might work best for you. >> by that, what type of annuity, that leads me to believe they are not all created equal. >> they are not all created equal. and figure out how much risk you are willing to take. when you say guaranteed stream of income and that means a guaranteed return and that is not necessarily the case and ask yourself how much risk can you stomach when you are trying to figure out what type of annuity to get. if you can stomach a lot of risk, you go in a variable annuity because that is tied to
stock market and other type of investments. if you really want to have a fixed rate of return. then you do a fixed annuity. >> is it a lot more expensive to buy a fixed one these days just considering how low interest rates are. >> here are the issue with annuities. fees. you want to consider the fact that if you need to take that money out, not so easy to do it without getting hit with a su charge. so be careful about that as well. and then look at the different types and see what really works best for you. we always talk about this. the bottom line is you probably are saving right now and most people don't save enough. start there. and make sure that you are saving enough for retirement if you can. and if you do have this shortfall, see if maybe there is a small portion of your savings that you want to turn into a annuity. >> sharon, thank you. >> sure. >> up next, a look at the news for the week ahead and dolly parton on celebrating her 50th wedding anniversary. and the milestone and how it inspired her newalbum.
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here are the stories coming up that may impact your money this week. on monday the markets are closed for labor day. on tuesday we get the ism nonmanufacturing index, that is a look at the service sector of the economy. on wednesday, the fed will release the beige book. the report on regional economic conditions and apple is hosting an event in san francisco where
company will announce the next generation iphone. and the 2016 nfl kicks off when the champs the denver broncos take on the carolina panthers. country music legend dolly parton has been a force in show business for five decades from hit songs to fills to the dollywood theme park empire and she's been writi her own story the entire time. she joined us this morning from nashville. and miss parton, i wan s you are a huge inspiration. i love your music but i love when you've done as a entrepreneur and you are a great role model. so thank you. >> well thank you for having me. i'm sorry about the noise. we're in a warehouse today doing interviews and so that is how it goes and if you hear booming sounds that is juse big things the second hollywood television movie on nbc this year and based on stories of your life. the first one, the code of many colors, it was a surprise hit in the ratings.
good story because it always seems to connect. >> well, when i've lived a good story it is easy to tell it. it is called circle of love. and it follows a few months later from the -- where the story left off in the original. and so people i thin in faith-by things and i'm glad to hear that and to know that. but like i say, i love to write. so it is easy to put my stories into songs. but i've lived an amazing life so i have a lot of stories to tell. >> you have a new album "pure and simple" and this is striped down country songs and how did you come up with this and what is your theme on this. >> this "pure and simple" album is what it is. it is about love songs because this is my 50th anniversary this past year, my husband and i and i thought it was a good year to write some love songs. and i did them all in a pure and simple way. we didn't overproduce them. i wrote and produced them. this is a special edition that we are putting out right now with cracker barrel.
many things over the years. we have the same fans, the same people who go eat at cracker barrel are the ones that come to my concert so we have a deluxe package through cracker barrel interviews and pictures that people are interested in and so it has information and prizes to win for dollywood attractions and that sort of thing. so we're excited about working with cracker barrel on that. >> miss parton, you've written thousands of songs account and you were smart enough to maintain publishing control before other people figured this out. how did you know to do that? >> well early on in my career i realized that i needed to pay mind to my product because i'm a r so if i'm going to write all of those songs, why not own the publishing company. and in my early days i pulled that in and started my own publishing company when i start and i said why not produce that
so i try to gather as much as -- as much of my things as i can to keep it in house so i have control of what is going on and like to be able to pick and choose who i work with and have some say so in my life. >> it is an excellent, excellent move. and i've wanted to ask you, there is a rumor that the king himself, elvis, wanted to cover i will always love you and he wa half of the copyright and you said no t king. >> that is true. he was planning to record it but his manager said we don do record anything we don't publish on and i already had a record, it was my most important copyright at the time so i -- it broke my heart to say no, but i did say no and as years went by, i was glad i did. but i still -- i still would have given anything to hear elvis sing the song. but that was just a business decision i had to make at that time. and so they are not always easy
but you got to be responsible for your stuff. >> i just wa thank y for your time. >> thank you so much. i appreciate it. so pure and simple. don't forget. >> that is the show for today. i'm becky quick. thank you so much for joining us. next week, should your kids be playing tackle football. we have the answer from a former super bowl champ. every week keep it right here. we're "on the gre one, everybody, and