Sorry PhRMA, pharma making record profits

  • The health care industry has already banked more profits than any other quarter in the past year.
  • As of Aug. 2, 85 publicly traded health care companies have amassed $47 billion of global profit on $545 billion of global revenue in the second quarter.
  • That profit is higher than the $45.6 billion that 118 health care companies posted in the first quarter of this year, and it’s higher than anything recorded in the past year.
  • Pharmaceutical companies continue to rake in the highest profit margins.

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The key cause of high drug prices is a social disease called “maximizing shareholder value”

  • Axios reported that top pharmaceutical companies have announced significant so called ‘buybacks,’ which benefit shareholders by driving up the value of their stock.
  • Contributions to Republican Party have yielded a great ROI for pharma.
  • This suggests that pharmaceutical companies have used these tax breaks to enrich investors, a decision that comes at the expense of lowering the price of prescription drugs, investing in research and development that could lead to new cures, or passing along savings to consumers.”

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Pharma trade magazines: Worthless?

KEY TAKEAWAY:  The pharma industry has helped a lot of people live longer, more productive lives, but the industry also has a lot of self caused problems from high drug prices and outrageous CEO pay to a blazing lack of transparency.  Rather than acknowledge and write about these issues the trade press seems to only praise and write articles from press releases.   Continue reading

Pharma’s incessant need for meetings

KEY TAKEAWAY:  Talk to anyone within pharma and you’re likely to find that their calendar is filled with meetings.  Even medical people are often pulled from the field to attend costly training meetings that waste time and money.  Why haven’t pharma companies used online training more to help reduce expenses? Continue reading