Rep. Katie Porter (D-Calif.) published a damning report on Jan. 29 outlining the horrors of this deathcare system, and calling on Congress to enact "comprehensive, urgent reform" to fix it.
Entitled, "Killer Profits: How Big Pharma Takeovers Destroy Innovation and Harm Patients," Porter's report reveals how in just the past decade alone, the number of "large, international pharmaceutical companies (has) decreased six-fold, from 60 to 10."
The claim by company executives is that these consolidations are needed to increase operational efficiency, however Porter's report explains that "digging a level deeper" exposes "a troubling industry-wide trend of billions of dollars of corporate resources going toward acquiring other pharmaceutical corporations with patent-protected blockbuster drugs instead of putting those resources toward discovery of new drugs."
In truth, nearly every pharmaceutical merger and acquisition that takes place is meant to boost stock prices, stop competitors, and / or acquire some new blockbuster drug that has the potential to bring in an enormous revenue stream.
It is all about the money, in other words. We know the pharmaceutical industry does not care one iota about helping people get healthy because pharmaceutical drugs cause more harm than good, despite being the only approved form of "medicine" in America.
"Instead of spending on innovation, Big Pharma is hoarding its money for salaries and dividends," the report explains, "all the while swallowing smaller companies, thus making the marketplace far less competitive."
More related news about the pharmaceutical drug cartels can be found at Corruption.news.
Trump's tax giveaway to the wealthy allowed 12 of the biggest pharmaceutical companies to buy back stocks
In a series of tweets, Porter wrote that Big Pharma loves to gobble up biotechnology firms that would otherwise be its competition. As soon as these smaller companies are acquired, all innovation "stops," she says.
"The culture of creativity is killed," Porter warns. "The small firm's vision is lost, and the big firm's profits become priority."
Porter's report features exclusive interviews with former Immunex, and later Amgen employees, who help make the case that consolidation never really helps people, and instead just "curbs innovation at the expense of patients."
"Our report is clear: Consolidation destroys scientific cultures that once celebrated creativity and transforms them into places that cater to the whims of shortsighted shareholders," Porter says.
Drug companies love to claim that lowering the prices of prescription drugs is what kills innovation. The reality, however, is that prescription drug prices have only continued to skyrocket at the same time that innovation has shrunk to almost nothing.
"Instead, they've dedicated more and more of their funds to enrich shareholders or to purchase other companies to eliminate competition."
Back in 2018 when Donald Trump awarded a massive "tax giveaway to the wealthy," the report further explains, "12 of the biggest pharmaceutical companies spent more money on stock buybacks than on research and development."
All of these factors and more have made Big Pharma the largest, wealthiest political and societal force for evil this world has ever seen. Both sides of the political aisle are propagating its success, and We the People are getting dumber, sicker and more disenfranchised with each passing day.
"Competition is central to capitalism," Porter indicated in a press release about her report.
"As our report shows, Big Pharma has little incentive to invest in new, critically needed drugs. Instead, pharmaceutical giants are free to devote their resources to acquiring smaller companies that might otherwise force them to compete."
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