FOX SPORTS The Pharmaceutical Industry is Destroying The Economy, A.K.A. A Disease.
The pharmaceutical industry is now the world’s fourth largest employer, but that’s no surprise when you consider it employs over 2.3 million people in the United States alone.
But it’s also the most heavily subsidized and taxed industry in the world, with a gross annual profit of $5.2 trillion.
That means the pharmaceutical industry contributes more than $1.3 trillion annually to the national debt, making it the fourth largest recipient of government subsidies, after Social Security, Medicare, and Medicaid.
The U.S. spends more on drugs than all other nations combined.
Pharmaceutical companies pay as much as $1 trillion annually in drug costs, and they spend nearly $400 billion on research and development, according to the National Center for Health Statistics.
That’s more than the combined contributions from the U.K., France, Germany, and the U and D.
In fact, the pharmaceuticals industry is so big and so profitable that even President Obama’s own campaign chairman, former Vice President Joe Biden, is now on record as questioning the pharmaceutical companies’ role in creating the Affordable Care Act.
“The pharmaceuticals have had a profound influence on the economy,” Biden told a meeting of the National Governors Association last week.
“When you talk about the big pharma lobby, they’re a significant part of the reason we have such high health care costs, especially for older people.”
What’s worse, Biden said, “The way the pharmaceutical sector operates is fundamentally different from that of any other industry.
The way they get their drugs is by charging a very low price, and that is a very dangerous and inefficient way of getting drugs.”
Biden added that drug companies have made the country “a world leader in drugs and we have to do something about it.”
In fact a study released by the Institute of Medicine found that the U, D., and D.’s share of total U.A.’s gross domestic product was actually lower in the first quarter of 2017 than in the fourth quarter of 2016.
In the third quarter, for instance, the U., D., earned $8.8 billion while the D.’
S earned $16.5 billion.
In other words, the entire pharmaceutical industry profits from the government and taxpayers subsidizing it.
It’s a clear sign that the pharmaceutical lobby is in the grip of a cancer-like disease.
So what do we do about it?
In his 2014 State of the Union address, Obama urged Americans to “work together to solve the problems that plague our economy.”
His words are ringing even louder than they were two years ago.
But that’s not the only reason to act now.
Here are six simple steps to address the drug companies’ massive subsidy and tax burden:1.
Stop spending money on drug companies.
This year alone, pharmaceutical companies spent more than a billion dollars lobbying Congress.
But in 2017, the government spent just $3.6 billion on lobbying, according a New York Times analysis of the White House’s spending records.2.
Stop funding research and innovation.
Research and innovation is vital to the health and well-being of Americans.
In fact, over the last decade, the United Nations has estimated that the amount spent on research in the U’s developing countries was at least $500 billion.
That would be more than half of the $1-trillion the pharmaceutical giants spend annually.
The pharmaceutical industry should invest in the development of more innovative medicines that can be patented, and it should take a more responsible approach to pricing.3.
Stop subsidizing pharmaceutical companies.
According to the New York City Department of Health, the amount the pharmaceutical firms spend on lobbying has doubled in the last two decades.
In 2020, pharmaceutical industry lobbying cost taxpayers $4.4 billion, a figure that’s risen to $8 billion by 2022.
But if you’re a taxpayer and you don’t have to pay taxes on your contributions, you can save money by buying products directly from the manufacturers.4.
Stop lobbying for the drug industry.
This is just one way the drug lobby is working to make the drug system even more dysfunctional.
It’s time to stop subsidizing them.
Stop supporting the pharmaceutical industries’ lobbying.
The drug industry spends $50 million per day to lobby Congress, and those contributions are only growing.
As a result, the average pharmaceutical company contributes $25,000 to Congress every single day.
And by not lobbying Congress, the drug industries are paying the price for their mismanagement.
Stop paying for pharmaceutical research and developing.
The federal government doesn’t have the budget for pharmaceuticals research.
The U.N. Office for Science and Technology Policy estimates that, by 2030, the country will need to spend about $1,000 per person to fund its scientific research and discovery.