There is little doubt today that the vast majority of us are feeling very kindly-disposed toward the big pharmaceuticals. After all, they brought us quite efficacious vaccines against Covidc-19 in record time, vaccines that will in the near-future allow Western nations to return to relative normalcy.
We wait with bated breath for that time to arrive in Canada.
While we wait, it might be good to remember a couple of things: the speed with which these miracles of medicine were developed was facilitated tremendously by the infusion of billions of tax dollars by an array of governments; the resulting profits have gone almost solely to the companies who hold the patents to these vaccines. In other words, governments assumed much of the risk while reaping none of the rewards.
But, we are told that the huge profits of big pharma wrought by its pricing regimes are necessary to fund research. After all, many promising therapies are pursued that ultimately don't pan out. To restrict drug prices would inhibit research, the story goes.
No doubt there is some truth to such assertions, but the following puts into sharp relief some other aspects of pharma's expenditures that are wholly unrelated to research costs. Katie Porter, a California Democrat who sits in the House of Representatives, had a run at AbbVie CEO Richard Gonzalez over the rising drug prices at his company. What she uncovered isn't pretty.
