Capitalism at Its Worst: 5 Deadly Sins of Big Pharma
Big Pharma: Capitalism at Its Worst
For , it was a perfect plan — diabolical, unstoppable. The company made in its anti-allergy dispenser in 2009, enough to . Then, in 2012, it began to , gradually making school nurses at least partly dependent on them. Meanwhile the company was successfully lobbying for the “Emergency Epinephrine Act”, commonly referred to as the ““, which encouraged the presence of epinephrine dispensers in schools. Then, most recently, after raising the price from $100 to $600, a coupon, making itself appear generous — even though the price had effectively
This is capitalism at its worst, a greedy and disdainful profit-over-people system that leaves millions of Americans sick — or dead. This is just one of the sins of the pharmaceutical industry…
1. Gouging Customers
The story is just one of many.
Big Pharma is an industry that can suddenly impose a on desperately ill people. Yet the pharmaceutical industry’s profit margin is matched only by the unscrupulous for the highest corporate profit margin.
2. Disposing of People Who Can’t Afford Medication
“Somewhere, right now, a cash-strapped parent or budget-limited patient with a severe allergy will skip acquiring an EpiPen. And someday, they will need it in a life-threatening situation… and they won’t have it. And they will die.”
A recent concluded that, since 2004, our medical dollars have been “increasingly concentrated on the wealthy.” As a result the richest 1% of American males live nearly than the poorest 1%; the difference in life expectancy is 10 years for women. The high cost of medication is one of the factors leading to early death.
3. Gouging Us a Second Time
We’re paying twice for outrageously overpriced medications, both directly and with our tax dollars. The average medical insurance deductible has increased since 2010, and most Medicare patients still face of $7,000 or more a year.
4. Stealing Our Research
Dean Baker, macroeconomist and co-director of the that the U.S. is unique in giving drug companies patent monopolies on drugs that are essential for people’s health and lives. An example is which, due to patent protection, cannot be made generically, and as a result up to $5,000 a year —. Another example is the anti-parasite drug, which has been on the market for 62 years, yet was appropriated by the now-infamous Martin Shkreli and price-hiked from $13.50 to $750.00.
5. Cheating on Taxes
Other major drug companies use the notorious procedure to skip out on taxes. . tried. And , along with all its other transgressions, ditched the U.S. for the Netherlands, despite having its employees and facilities in West Virginia.
“… the company withdrew its United States corporation and re-incorporated in the Netherlands, even while its physical plant, all its employees and executives, stayed in West Virginia. That saved the company paying its corporate tax rate of somewhere between , even while it still takes full advantage of its location in the United States and all the infrastructure the country puts around it…”
Patriotism is a beautiful thing to corporations when it protects their profits.