Patent Woes Threaten the Real Death Panels i.e. Drug Firms

Where the rich elite sees revenue streams from the poor to the rich those of us who have no health insurance and can’t afford to pay what the greedy bastards want face early death.

Perhaps it is time for the working people to fight back in the class war the rich are waging upon us.

The New York Times: http://www.nytimes.com/2011/03/07/business/07drug.html?hp

By DUFF WILSON
Published: March 6, 2011

At the end of November, Pfizer stands to lose a $10-billion-a-year revenue stream when the patent on its blockbuster drug Lipitor expires and cheaper generics begin to cut into the company’s huge sales.

The loss poses a daunting challenge for Pfizer, one shared by nearly every major pharmaceutical company. This year alone, because of patent expirations, the drug industry will lose control over more than 10 megamedicines whose combined annual sales have neared $50 billion.

This is a sobering reversal for an industry that just a few years ago was the world’s most profitable business sector. And it casts a spotlight on the systemic problems drug companies now face: a drought of blockbuster drug breakthroughs and research discoveries; pressure from insurers and the government to hold down prices; regulatory vigilance and government investigations; thousands of layoffs in research and development; and a new federal program to eventually allow generic versions of expensive biologic drugs.

Morgan Stanley recently downgraded the entire group of multinational pharmaceutical companies based in Europe — AstraZeneca, Bayer, GlaxoSmithKline, Novartis, Novo Nordisk and Roche — in a report titled “An Avalanche of Risk? Downgrading to Cautious.” The analysts wrote, “The operating environment for pharma is worsening rapidly.”

The same concerns apply to drug giants in the United States. They are all struggling with research failures as they scramble to replace their cash cows, like Pfizer’s multimillion-dollar gamble on a replacement for the cholesterol-lowering drug Lipitor, which failed miserably in clinical trials. Drug companies cut 53,000 jobs last year and 61,000 in 2009, far more than most other sectors, according to the outplacement company Challenger, Gray & Christmas.

Continue reading at:  http://www.nytimes.com/2011/03/07/business/07drug.html?hp

Here’s a suggestion:  No CEO earns more than 25 times what the lowest paid employee earns.

Tax capital gains at the same rate the pay checks of working people are taxed at.

Nationalize the Health Industry and Socialize it.

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