Chapter 6 of Butchered by "Healthcare."
Pharmaceutical corporations violate more criminal laws than any industry in history, as measured by their criminal settlements. The top 22 drugmaker payoffs since 2004 have their own Wikipedia page of shame.
Peter Rost, former Pfizer marketing vice president, compared the drugmakers to mobsters:
It’s scary how many similarities there are between this industry and the mob… obscene amounts of money… killings and deaths… [bribing] politicians and others... The difference is, all these people in the drug industry look upon themselves… as law-abiding citizens... However, when they get together as a group and manage these corporations, something seems to happen… It's almost like when you have war atrocities; people do things they don't think they're capable of… because the group can validate what you're doing as okay. --The Whistleblower: Confessions of a Healthcare Hitman
By 2002, the top 10 drugmakers' profits equaled those of all the other 490 Fortune 500 companies together. Drug manufacturers, showered with federal and insurance money, have 20-25 percent net profit margins. Pfizer’s have been phenomenal: 51 percent in 2013, 43 percent in 2014, 40 percent in 2017, and 44 percent in 2018. Thriving industries which freely compete and are not state-supported average less than 10 percent net profit margins.
In 2003, a law slid through Congress stipulating that Medicare, the world’s largest drug buyer, could no longer negotiate prices with corporations. The statute directed them to pay 106 percent of the companies’ average wholesale price. Although this seemed reasonable, it allowed corporations to price-fix. The Veteran's Administration, which was not part of the deal, now pays only about fifty percent of the Medicare rate for each medication. Even the notoriously wasteful US military bargains with competing defense contractors.
LINKS TO LEARN MORE:
Listen to another podcast about my whole book Butchered by Healthcare at: https://www.buzzsprout.com/1300429/6572743
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