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Big Pharma Prepares to Profit From the Coronavirus
Key Excerpts from Article on Website of The Intercept
Posted: March 16th, 2020
https://theintercept.com/2020/03/13/big-pharma-drug-pricing-...
As the new Coronavirus spreads illness, death, and catastrophe around the world, virtually no economic sector has been spared from harm. Yet amid the mayhem ... one industry is not only surviving, it is profiting handsomely. “Pharmaceutical companies view Covid-19 as a once-in-a-lifetime business opportunity,” said Gerald Posner, author of “Pharma: Greed, Lies, and the Poisoning of America.” The world needs ... treatments and vaccines and, in the U.S., tests. Dozens of companies are now vying to make them. The ability to make money off of pharmaceuticals is already uniquely large in the U.S., which lacks the basic price controls other countries have, giving drug companies more freedom over setting prices for their products than anywhere else in the world. During the current crisis, pharmaceutical makers may have even more leeway than usual because of language industry lobbyists inserted into an $8.3 billion coronavirus spending package, passed last week, to maximize their profits from the pandemic. Initially, some lawmakers had tried to ensure that the federal government would limit how much pharmaceutical companies could reap from vaccines and treatments for the new coronavirus that they developed with the use of public funding. But many Republicans opposed adding language to the bill that would restrict the industry’s ability to profit, arguing that it would stifle research and innovation. The final aid package not only omitted language that would have limited drug makers’ intellectual property rights, it specifically prohibited the federal government from taking any action if it has concerns that the treatments or vaccines developed with public funds are priced too high.
Note: For glaring examples of how big Pharma and select public officials made money hand over fist during previous virus scares, see concise summaries of deeply revealing news articles on the avian and swine flu from reliable major media sources.
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