02 September 2009

Pfizer's Chump Change

from HuffPo:

WASHINGTON — Pfizer Inc., the world's largest drug maker, will pay a record $2.3 billion civil and criminal penalty over unlawful prescription drug promotions.

Announcing the settlement Wednesday, the Justice Department said that it included the largest criminal fine in U.S. history – $1.2 billion. The agreement also included a criminal forfeiture of $105 million.
what the article fails to tell us, however, is that even after paying these chump change fines, Pfizer will still pocket over $$$FIVE BILLION in PROFIT for FY08.

if we could get REAL health care reform with a robust public option, this sort of behavior could be regulated. WE, in America, are paying through the nose for Rx's so that they can be offered at steep discounts in other countries. we're also paying FAR MORE for their advertising/graft campaigns than we are paying for research and development of new drugs.

3 comments:

  1. Dave -

    I cannot stress this enough: most R&D comes from the Feds via college grants, not the companies. Pharma are later given the research and the opportunity to have a monopoly on a new drug. Very few pharma companies do their own research.

    It's a scam coming and going.

    Regards,

    Tengrain

    ReplyDelete
  2. 'grain...

    of that i'm pretty aware (you know, that whole hiv/aids thingamabob...). the inclusion was for those folks that think that reducing pharma's profit margins would set back R&D.

    can you believe that almost 30 years after its introduction, AZT is finally "genericized" and it's STILL OVER $100 for a thirty day supply of the generic!

    yes, yet another of the disinformation memes.

    ReplyDelete
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