Psilocybin Research, Insulin Pricing Lawsuit, and Consumer Fraud Act

Attorney Don Loose discusses Arizona’s funding in psilocybin research, Arizona’s attorney filing a lawsuit over insulin price-fixing, and The Arizona Consumer Fraud Act.

0:08 – 4:20: Arizona has allocated $5 million dollars to study the effects of psilocybin, the compound found in “magic mushrooms”. The study will look at the compound’s efficacy in treating a variety of medical conditions such as depression, PTSD, substance abuse, eating disorders, etc. The panel’s recommendation will be announced on February 1, 2024.

4:22 – 8:46: The Arizona Attorney General has filed a lawsuit that contends pharmaceutical companies and pharmaceutical benefits managers (PBMs) have conspired to fix prices for insulin at artificially high levels for years. The price of insulin has increased over 1,000% over the last 20 years, which is five times higher than the general cost of living over the same 20-year period. The Attorney General claims that a handful of pharmaceutical companies and PBMs are enriching themselves at the expense of consumers.

8:58 – 12:17: The Arizona Consumer Fraud Act from 1967 allows individual consumers a legal remedy if they are defrauded by companies. The act applies to goods and services when misrepresentations or omissions exist in connection with everyday transactions.