Pharma’s primary customer is Wall Street, not patients

  • The S&P 500 healthcare sector has been on a tear in recent months, on track for its best quarter in five years and surging to an all-time high on Friday.
  • A forensic accounting of available financial data of the pharmaceutical giants Johnson & Johnson, Pfizer, Merck Sharp & Dohme, and Abbott—shows that from 2013 to 2015, these four multinational drug makers collectively avoided paying about $3.7 billion in taxes.
  • Publishing in JAMA Internal Medicine the median estimated cost of the full range of studies: $19 million to get new drug approval.
  • Pharma’s primary customer continues to be Wall Street.

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