5 Most Profitable Industries in the World…One of the Top Three Shocked Me
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Then who?!
I mean I have family members who are nurses and doctors. They damn sure ain’t the ones making bank…
RaspberryFitted
Boyz In Motion Member
Then who?!
I mean I have family members who are nurses and doctors. They damn sure ain’t the ones making bank…
nurses and doctors are like corner boys. They get the supply from a guarded spot and dish it out to customers. Can only give out small dosages (aka, nickel bags) and tell you to re-up at another spot (CVS or Walgreens). The kingpins are the companies who manufactures the supply and the chemists who actually make it.
Damn
How Big Pharma Reaps Profits While Hurting Everyday Americans
The pharmaceutical industry leverages Washington’s culture of corruption to increase profits while everyday Americans suffer from high drug prices.
It’s no secret that the Trump administration has fostered a culture of corruption in which special interests and big donors advance their interests at the expense of everyday people. Perhaps no policy area exemplifies this corruption more than the issue of drug pricing.
President Trump has long promised to stand up to the pharmaceutical industry and lower prescription drug prices, but he has avoided taking serious action to drive down prices while at the same time filling top spots in his administration with industry insiders. This administration’s culture of corruption, which continues a decadeslong practice of political pandering to the pharmaceutical industry, carries a real cost; Americans spent $535 billion1 on prescription drugs in 2018, an increase of 50 percent since 2010. These price increases far surpass inflation, with Big Pharma increasing prices on its most-prescribed medications by anywhere from 40 percent to 71 percent from 2011 to 2015.2
Moreover, pharmaceutical companies receive substantial U.S. government assistance in the form of publicly funded basic research and tax breaks, yet they continue to charge exorbitant prices for medications
American taxpayers fund basic research
Billions of taxpayer dollars go into the creation and marketing16 of new drugs. The Los Angeles Times reports that, “Since the 1930s, the National Institutes of Health has invested close to $90017billion in the basic and applied research that formed both the pharmaceutical and biotechnology sectors.” Despite taxpayers’ crucial investment, U.S. consumers are increasingly paying more for their prescription drugs.
A 2018 study18 on the National Institute of Health’s (NIH) financial contributions to new drug approvals found that the agency “contributed to published research associated with every one of the 210 new drugs approved by the Food and Drug Administration from 2010–2016.” More than $100 billion in NIH funding went toward research that contributed directly or indirectly to the 210 drugs approved during that six-year period. The NIH Research Project Grant (R01)19—which supports health-related research—was by far the most common kind of grant used to fund the science that supported the new drugs. In all, NIH gave out nearly 118,00020 R01 grants related to those drugs from 2010 to 2016.
The pharmaceutical industry leverages Washington’s culture of corruption to increase profits while everyday Americans suffer from high drug prices.
It’s no secret that the Trump administration has fostered a culture of corruption in which special interests and big donors advance their interests at the expense of everyday people. Perhaps no policy area exemplifies this corruption more than the issue of drug pricing.
President Trump has long promised to stand up to the pharmaceutical industry and lower prescription drug prices, but he has avoided taking serious action to drive down prices while at the same time filling top spots in his administration with industry insiders. This administration’s culture of corruption, which continues a decadeslong practice of political pandering to the pharmaceutical industry, carries a real cost; Americans spent $535 billion1 on prescription drugs in 2018, an increase of 50 percent since 2010. These price increases far surpass inflation, with Big Pharma increasing prices on its most-prescribed medications by anywhere from 40 percent to 71 percent from 2011 to 2015.2
Moreover, pharmaceutical companies receive substantial U.S. government assistance in the form of publicly funded basic research and tax breaks, yet they continue to charge exorbitant prices for medications
American taxpayers fund basic research
Billions of taxpayer dollars go into the creation and marketing16 of new drugs. The Los Angeles Times reports that, “Since the 1930s, the National Institutes of Health has invested close to $90017billion in the basic and applied research that formed both the pharmaceutical and biotechnology sectors.” Despite taxpayers’ crucial investment, U.S. consumers are increasingly paying more for their prescription drugs.
A 2018 study18 on the National Institute of Health’s (NIH) financial contributions to new drug approvals found that the agency “contributed to published research associated with every one of the 210 new drugs approved by the Food and Drug Administration from 2010–2016.” More than $100 billion in NIH funding went toward research that contributed directly or indirectly to the 210 drugs approved during that six-year period. The NIH Research Project Grant (R01)19—which supports health-related research—was by far the most common kind of grant used to fund the science that supported the new drugs. In all, NIH gave out nearly 118,00020 R01 grants related to those drugs from 2010 to 2016.
UncleTomFord15
Veteran
just now figure out the pharmaceutical industry is profitable brehsThey the new opium dealers
This shyt is in the back of my psyche but I never really thought about the ends and outs of it.
Then one of my friends told me she used to work for a major drug company. She said her job was to go through a list of inventors and call them about their research and patents to see if they could squeeze creators out of the rights to their own shyt.
Humanity is terrifying.
Research the life cycle of a drug from discovery to patent and therein lies the answer.Then who?!
I mean I have family members who are nurses and doctors. They damn sure ain’t the ones making bank…
I knew they were making money…but damn…more than food and oil??!
We use mo drugs than food/water/energy!!!
How is that real life?!
Mike Nasty
Veteran
I think........alot of it is tied to money laundering.
datnigDASTARDLY
catching pigeons
Yup, it's right at the tip of your tongue, but you just can't fathom how fukked up companies are...
It’s because the industry has extraordinarily high up front costs. In fact, even if you have the expertise to create a drug, you need all the cash up front for the actual R&D (labs, consultants, additional researches, ect). That’s just the pre clinical stage too.
Pre-Clinical = drug development
Then you move onto the clinical stage in which you have more costs, legal & regulatory (Intellectual property battles which will always happen), drug trials, paying those people and those clinics, insurance, ect.
And then you have commercial. All the sales and administration costs. The fact is most drugs that come to market are usually only marginally better than their peers, so you have the sales force training ect.
Fast forward you have a whole decade go by of just costs and not a single penny of revenue.
Compared this to a Software company that can be created from a dorm room and you can start generating revenue tmmrw.
EDIT: Also on top of this, you can be developing a drug for the better part of a decade, and only to have a superior competitor to make all the work worthless in the next year.
Pre-Clinical = drug development
Then you move onto the clinical stage in which you have more costs, legal & regulatory (Intellectual property battles which will always happen), drug trials, paying those people and those clinics, insurance, ect.
And then you have commercial. All the sales and administration costs. The fact is most drugs that come to market are usually only marginally better than their peers, so you have the sales force training ect.
Fast forward you have a whole decade go by of just costs and not a single penny of revenue.
Compared this to a Software company that can be created from a dorm room and you can start generating revenue tmmrw.
EDIT: Also on top of this, you can be developing a drug for the better part of a decade, and only to have a superior competitor to make all the work worthless in the next year.
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