General Discussion
In reply to the discussion: If you unfairly, wrongly and very publicly attack someone, shouldn't you apologize? [View all]pnwmom
(110,298 posts)that all insurance companies and Medicaid and Medicare and state governments that insure their employees should pay whatever price any price-gouging drug company demands?
And that we should applaud the drug company as a hero when it backs off a bit on its demands?
http://healthcareforamericanow.org/2013/04/08/pharma-711-billion-profits-price-gouging-seniors/
Washington, DC The 11 largest drug companies took $711.4 billion in profits over the 10 years ending in 2012, according to an analysis of corporate filings by Health Care for America Now (HCAN). The global pharmaceutical industry derived much of that profit from price-gouging the Medicare Part D prescription drug program for seniors and people with disabilities. Americans pay significantly more than any other country for the exact same drugs. In 2012 alone, the drug companies profits reached $83.9 billion, 62 percent higher than in 2003.
The drug industrys profits are excessive as a result of overcharging American consumers and taxpayers, said Ethan Rome, HCANs executive director. During this period, as millions of Americans struggled to afford their medicines, Republicans in Congress have threatened to cut seniors benefits while refusing to consider commonsense measures to get a better deal from drug companies.
HCAN reviewed the last decades financial filings from 11 prescription drug giants: Pfizer, Johnson & Johnson, Novartis, Merck, Roche, Sanofi-Aventis, GlaxoSmithKline, Abbott Laboratories, AstraZeneca, Eli Lilly and Bristol-Myers Squibb. Click here for detailed annual earnings.
Bolstered by its formidable prescription-drug marketing machine, Big Pharmas already huge profits surged to new heights in 2006, the first year of Medicares Part D prescription drug program and theyve stayed high ever since.
SNIP