Flimsy Sanity: I agree with Bush on this one thing.

Flimsy Sanity

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. - Friedrich Nietzsche

Tuesday, August 30, 2005

I agree with Bush on this one thing.

I agree with Bush on stem cell research - no government money should be spent to subsidize rich corporate hogs. Let the medical establishment fund stem cell research - they have more money than the government and will reap the profits no matter who develops new medical advancement. Last year, health-care spending in America reached an estimated $1.8 trillion, more than 15% of GDP. Some $200 billion of that went on prescription drugs. Global drug sales have almost doubled since 1997, and will rise to more than $700 billion by 2008. By the standards of other industries, most big pharmaceutical companies are hugely profitable: operating margins are more than 25%, against 15% or so for consumer goods. In reality, only around 14% of revenues go to fund Research and Development activities for pharmaceutical companies. Most new research is done on your tax dollar by Uncle Sam, with the drug companies reaping the profits at little or no expense to themselves. Your drug dollars are also paying for 625 industry lobbyists--a contingent larger than Congress itself. You're also subsidizing anti-consumer legal battles, like the one against that Maine law designed to get competitive drug pricing for Medicaid and uninsured patients that was just upheld by the Supreme Court. And all those lawsuits to prevent or stall low-priced generics from getting onto the market after patents expire. And then there's the annual $2.6 billion in consumer advertising--a tenfold increase in just a decade, and all those free samples and other rewards to doctors. To frost the cake, in December, 2003, at a conference in London, Dr. Allen Roses, a senior vice president of GlaxoSmithKline candidly admitted that fully 90% of prescription drugs only work 30% to 50% of the time.

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