Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That's what Steve Jobs said...until just before he died and then he said he regretted his choice.
But back on topic - Big Pharma is in bed with the FDA and they're all in bed with our politicians. People should not only not be surprised by the money in the industry, they shouldn't trust what their doctors have to say about medications they want to prescribe them.
Be your own advocate and research everything before you just take it. Big Pharma is as corrupt as they come and doctors are merely messengers.
No new research is being done but a lot of rebranding is.
Even if a drug is dangerous they can market it until they find a replacement for it.
Almost all drugs are made in dumpy countries and while the companies making the drugs are supposed to be audited every couple years, that's not being done on schedule.
Read up on some of the criminal behavior of the past and you'll be sickened. Heparin deaths, for example.
No new research is being done but a lot of rebranding is. Think again; there is plenty of new research going on
Even if a drug is dangerous they can market it until they find a replacement for it. Where in the world did you get that idea? If a drug fails to demonstrate an acceptable safety profile it will not be approved in the first place
the companies making the drugs are supposed to be audited every couple years, that's not being done on schedule. If true, it's because FDA is underfunded.
Did you read the article? His salary is $1.96M and he got a $2.6M bonus. The rest of his compensation is equity in the company and he can't touch it before it fully vests.
Even if that’s true don’t you think people like him, don’t have lawyers who van help him find a loophole?
The pharmaceutical industry needs some serious trust busting action. Even when patents expire the companies enter into wink, wink, nod, nod agreements not to produce certain generics. This is going to take Congress addressing the issue, and if ever a topic needs grass roots inspired reform this is it. The price Americans are being charged for life saving drugs compared to other countries, even our neighbors to the north, is inexcusable.
LOL! A problem that was created BY government, yet you expect that same government to fix it? The FDA makes so much money from the rules it created in exchange for protecting the market of these big pharma players, yet you think government will solve the problem? Politicians keep getting lobby money to push for more and more legislation and regulation which further protects big pharma, yet you think government will solve the problem?
Government IS the problem. The free market IS the solution.
But then again, that's just MY opinion, for what it's worth.
Did you read the article? His salary is $1.96M and he got a $2.6M bonus. The rest of his compensation is equity in the company and he can't touch it before it fully vests.
If he keeps the company profitable, then the shareholders make dividends and can sell at a higher price as well as him. It is an incentive so he won't run the company into the ground for short term gains.
It's also an incentive to charge higher prices which will increase profits and ultimately increase the value of the company's shares (which the CEO also holds.)
Pfizer CEO gets 61% pay raise—to $27.9 million—as drug prices continue to climb.
In a recent three-week span, the company hiked 116 drug prices as much as 9.46 percent.
As drug giant Pfizer Inc. hiked the price of dozens of drugs in 2017, it also jacked up the compensation of CEO Ian Read by 61 percent, putting his total compensation at $27.9 million, according to financial filings reported by Bloomberg.
Pfizer’s board reportedly approved the compensation boost because they saw it as a “compelling incentive” to keep Read from retiring. He turns 65 in May. As part of the deal, Read has to stay on through at least next March and is barred from working with a competitor for a minimum of two years after that.
The price hikes come amid a national outrage over the high prices of medications and healthcare overall. A recent analysis published in JAMA compared healthcare spending in the US to 10 other high-income countries. It found that the US paid nearly twice as much but performed less well. The main drivers of higher prices, researchers found, were high administrative costs and devices and pricy medicines.
I keep repeating myself here until the government goes after these companies health insurance and drug prices won’t go down. And the lobbyists that line our elected officials with money needs to stop as well.
AND this is one more reason why we need to see our elected officials tax returns. No matter whose in office.
Pfizer is a private company. Their board and shareholders can decide how much a CEO is worth. If they don't like it, the shareholders can vote against the current board members.
Do I think that is excessive? Yes- however, I don't count other people's money and that is a drop in the bucket compared to the profits and revenues of Pfizer.
LOL! A problem that was created BY government, yet you expect that same government to fix it? The FDA makes so much money from the rules it created in exchange for protecting the market of these big pharma players, yet you think government will solve the problem? Politicians keep getting lobby money to push for more and more legislation and regulation which further protects big pharma, yet you think government will solve the problem?
Government IS the problem. The free market IS the solution.
But then again, that's just MY opinion, for what it's worth.
The first problem with the whole free market theory in this case is that the companies are colluding. They have decided amongst themselves not to compete. Like I said, some trust busting is needed.
The second problem, in this case, is that people need to be protected from bad drugs or bootleg drugs. There has to be oversight. Perhaps you weren’t around for the wonder drug thalidomide, which was very effective at treating depression, insomnia, and morning sickness. Great drug except the little problem with deformed babies born to women who took it during or slightly before pregnancy.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
Blame Congress. Back in 1993, Congress said that if corporations want to write off executive pay over $1 million from their taxes, they have to show that the pay is based on some measure of performance, said Lynn Stout, a professor of corporate and business law at Cornell Law School. The requirement was supposed to help curb CEO pay, but the idea backfired.
“The obvious and most easily quantifiable thing is always share price,” explained Stout. “This sparked an era in which CEOs were compensated largely through options, which coincided with the beginning of one of the strongest bull markets of the 20th century. So CEO pay skyrocketed in the ‘90s.”
And has kept climbing ever since.
And this:
Quote:
So why are CEOs paid that much anyway?
Mainly because many of the board directors believe that they are one out of a tiny pool of people who can actually lead their company. At least, that’s what Donatiello and his colleagues found when they surveyed directors serving on the boards of the largest 250 U.S. companies.
Those directors “overwhelmingly believe that the CEO job is very difficult and that only a small handful of executives are qualified to run companies in their industry,” according to their findings. Some directors estimated that if they needed to replace their current CEO, fewer than 4 executives have the required skills to run the company as well as their current CEO. When asked about how many executives could replace their competitor’s CEO, the directors estimated that only 6 executives would be qualified.
The pharmaceutical industry needs some serious trust busting action. Even when patents expire the companies enter into wink, wink, nod, nod agreements not to produce certain generics. This is going to take Congress addressing the issue, and if ever a topic needs grass roots inspired reform this is it. The price Americans are being charged for life saving drugs compared to other countries, even our neighbors to the north, is inexcusable.
Similar to corporations and estates use trademarks on formerly-copyrighted works to act as a type of zombie or permanent copyright (perpetual copyright is forbidden by the Constitution), there are trademarks on those meds that help keep the medicines under a form of zombie or perpetual patents.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
