Big Pharma at it again

[SHRED]

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No surprises here:

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Tax Break Used by Drug Makers Failed to Add Jobs
By ALEX BERENSON

Two years ago, when companies received a big tax break to bring home their offshore profits, the president and Congress justified it as a one-time tax amnesty that would create American jobs.

Drug makers were the biggest beneficiaries of the amnesty program, repatriating about $100 billion in foreign profits and paying only minimal taxes. But the companies did not create many jobs in return. Instead, since 2005 the American drug industry has laid off tens of thousands of workers in this country.

And now drug companies are once again using complex strategies, many of them demonstrably legal, to shelter billions of dollars in profits in international tax havens, according to their financial statements and independent tax experts.

In one popular accounting move, companies declare their foreign markets as far more profitable than their American businesses — even though drug prices are typically higher in the United States than anywhere else in the world.

http://www.nytimes.com/2007/07/24/business/24drugtax.html?_r=1&hp&oref=slogin

[Deja Q]

1. Meanwhile, we can't import drugs from Canada - they are dangerous.

And the ones from China are 127% safe, yes...

[Clark2008]

2. Of course foreign markets are more profitable - the government

purchases the drugs in bulk and the average citizen can afford to purchase more drugs when they're cheaper. Hell, it's cheaper, period, to do business overseas because they DON'T have all the costs of health care.

Why can't our business community see this and demand universal health care?

[jwirr]

3. That is not the only way big pharma is trying to wreck the system.

I was talking to our local clinic pharmacist while waiting for a prescription to be filled. I asked her about the on-line/mail-order companies that are sending us all those ads. What is happening is that they are taking customers away from local providers and causing them to go broke and close up shop.

What bothers me about that is that in an emergency my local pharmacist has a good supply of meds on hand for a reasonable future needs. If we are all going doing mail-order meds who is going to help in that emergency?

I immediately move all my prescriptions to the local pharmacy I want to see survive. We would all do well to support our local choices in any business that is being threatened by big business. If only our ancestors had realized the value of the local business over those mail order catalogs.

[antigop]

5. A lot of health plans are now REQUIRING you to go mail order if you want coverage n/t

[windy252]

4. k & r n/t

[FormerOstrich]

6. Typical.....

"Congress justified it as a one-time tax amnesty that would create American jobs.."

Yes, they always justify these actions by saying they will create American jobs but they never make creating those jobs a requirement! This happens constantly. How hard is it? Make the perks contengencies.....if not all the rhetoric is just lies.

[KillCapitalism]

7. Pssssh...why hire any Americans?

Drug makers: "Don't ya know they're too expensive to employ, we're gonna go add some jobs in Bangladesh."

[kineneb]

8. just paid $123 for a **** Generic!

An "improved" version of generic Wellbutrin (300mg). The 150mg pills were $49 for 30. Next time I will ask for the old version.

And no, I don't get any kind of medical coverage until I pay down a monthly "share-of-cost" of $280 (= functional deductable of $3360 w/an income of $14,800!). Needless to say, I avoid the medical establishment as much as I am able. Sadly, my major goal in life is to qualify for Medicaid, so I will have "better" medical coverage.