Corporate Corruption News StoriesExcerpts of Key Corporate Corruption News Stories in Major Media
Note: This comprehensive list of corporate corruption news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America's largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill – sometimes to zero – thanks to a range of legal deductions and exemptions that have become staples of the tax code. Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy. Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates. Publicly traded corporations are required to file financial reports. The institute used that data along with other information supplied by each company. The $2.2 trillion coronavirus relief act ... contained a provision that temporarily allowed businesses to use losses in 2020 to offset profits earned in previous years. Tax avoidance strategies include a mix of old standards and new innovations. Companies, for example, saved billions by allowing top executives to buy discounted stock options in the future and then deducting their value as a loss.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
The end of humankind? It may be coming sooner than we think, thanks to hormone-disrupting chemicals that are decimating fertility at an alarming rate around the globe. A new book called Countdown, by Shanna Swan, an environmental and reproductive epidemiologist ... finds that sperm counts have dropped almost 60% since 1973. Following the trajectory we are on, Swan's research suggests sperm counts could reach zero by 2045. Zero. Let that sink in. That would mean no babies. No reproduction. No more humans. Forgive me for asking: why isn't the UN calling an emergency meeting on this right now? The chemicals to blame for this crisis are found in everything from plastic containers and food wrapping, to waterproof clothes and fragrances in cleaning products, to soaps and shampoos, to electronics and carpeting. Some of them, called PFAS, are known as "forever chemicals", because they don't breakdown in the environment or the human body. They just accumulate and accumulate – doing more and more damage. Swan's book is staggering in its findings. "In some parts of the world, the average twentysomething woman today is less fertile than her grandmother was at 35," Swan writes. In addition to that, Swan finds that, on average, a man today will have half of the sperm his grandfather had. Given everything we know about these chemicals, why isn't more being done? Right now, there is a paltry patchwork of inadequate legislation responding to this threat.
In the coming months, Linda Thomas-Greenfield, President Joe Biden's ambassador to the United Nations, will hear from a growing chorus of developing nations about the foundering efforts to distribute the coronavirus vaccine globally. The nations, many of which have not even begun vaccinating their populations, are demanding that the U.S. support proposals to temporarily waive certain patent and intellectual property rights so that generic coronavirus vaccines can be produced. The proposals have been fiercely opposed by American drugmakers, including Pfizer. ASG ... represents Pfizer. Many leading figures in Biden's administration, including key White House advisers, State Department leaders, and health care officials have financial stake in or professional ties to vaccine manufacturers, which are now lobbying to prevent policies that would cut into future profits over the vaccine. ASG in particular has unusual amounts of sway in the Biden administration. State Department officials Victoria Nuland, Wendy Sherman, Uzra Zeya, and Molly Montgomery previously worked at ASG, as did Philip Gordon, Vice President Kamala Harris's national security adviser. The pharmaceutical industry, in a bid to shield an expected financial windfall, has pressed the Biden administration not only to oppose the waiver, but also to impose trade-related sanctions on countries that back [a] proposal or move to manufacture coronavirus vaccines without permission from patent holders.
Pfizer expects to sell $15 billion worth of Covid-19 vaccines in 2021. That would make it the second-highest revenue-generating drug anytime, anywhere, according to industry reports. The maker of the first Covid-19 vaccine to be approved for use in advanced markets has released its earning forecasts for 2021 today. Pfizer expects to earn between $59 billion and $61 billion - up from $42 billion it made in 2020. Sales of the vaccine are set to bring in about a fourth of Pfizer's total revenue this year. That would be nearly as much as its three best-selling products combined. The company is expecting profit margins for the vaccine to be between 25% and 30% which means profits from the vaccine could be around $4 billion. All of Pfizer's costs and profits from the vaccine are split evenly with BioNTech, the biotech company that helped develop the treatment. There are is only one drug in the world that sells more - Humira, a prescription medication for arthritis. Pfizer plans on selling 2 billion doses of the vaccine this year, but that demand should subside in coming years so the revenue of Covid-19 vaccine won't be stable, Pfizer's CEO Albert Bourla said on an call with analysts and investors. The company expects to continue profiting from it by selling booster doses, including ones required to shield against new variants of the virus, Bourla said. Further, Pfizer is pursuing more avenues to employ the mRNA technology underlying the vaccine, including a flu vaccine and other therapeutic applications.
Note: Read more in this revealing Reuters article. For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
AstraZeneca may have included "outdated information" in touting the effectiveness of its COVID-19 vaccine in a U.S. study, federal health officials said Tuesday in an unusual public rift that could further erode confidence in the shot. In an extraordinary rebuke, just hours after AstraZeneca on Monday announced its vaccine worked well in the U.S. study, an independent panel that oversees the study scolded the company for cherry-picking data, according to a senior administration official. The panel wrote to AstraZeneca and U.S. health leaders that it was concerned the company chose to use data that was outdated and potentially misleading instead of the most recent and complete findings. The NIH's Dr. Anthony Fauci told ABC's "Good Morning America" that the incident "really is what you call an unforced error" and that he expects the discrepancy to be straightened out. But that nitty-gritty seldom is seen by the public, something now exposed by the extraordinary microscope being applied to development of the world's COVID-19 vaccines. The vaccine is used widely in Britain, across the European continent and in other countries, but its rollout was troubled by inconsistent study reports about its effectiveness, and then last week a scare about blood clots that had some countries temporarily pausing inoculations. Company executives refused repeated requests from reporters to provide a breakdown of the 141 COVID-19 cases it was using to make the case for the shot's effectiveness.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines from reliable major media sources.
In September 2004, Merck, one of America's largest pharmaceutical companies, issued a sudden recall of Vioxx, its anti-pain medication widely used to treat arthritis-related ailments. The recall came just days after Merck discovered that a top medical journal was about to publish a study by an FDA (Food and Drug Administration) investigator indicating that the drug in question greatly increased the risk of fatal heart attacks and strokes and had probably been responsible for at least 55,000 American deaths during the five years it had been on the market. It soon turned out Merck had known of potential lethal side effects even before launching Vioxx in 1999, but had brushed all such disturbing tests under the rug. A class-action lawsuit dragged its way through the courts for years, eventually being settled for $4.85 billion in 2007. [Researcher Ron] Unz makes the point that the users of Vioxx were almost all elderly, and it was not possible to determine whether a particular victim's heart attack had been caused by Vioxx or other factors. But he concludes: "Perhaps 500,000 or more premature American deaths may have resulted from Vioxx, a figure substantially larger than the 3,468 deaths of named individuals acknowledged by Merck during the settlement of its lawsuit. I'm just as astonished. From 2004 onwards, huge numbers of America's toughest trial lawyers were suing Merck for billions based on Vioxx casualties - didn't they notice the dramatic drop in the national death rate [after Vioxx was discontinued]?"
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
No single person has come to more represent the big questions about drug safety that emerged following the withdrawal of Merck's painkiller Vioxx than the Food and Drug Administration's David Graham. And now that a Texas jury has awarded the widow of one Vioxx patient $253 million, Graham, who works in the FDA's Office of Drug Safety, is more critical than ever. Of the drug, and his employer, for whom he doesn't speak. "If the judgment is that there's blood on Merck's hands," Graham says, "there's blood on the FDA's hands as well." Graham has estimated that Vioxx killed some 60,000 patients - as many people, he points out, as died in the Vietnam War. He says that fundamental problems at the FDA led to those deaths. "People should turn to Congress and demand a drug safety system that is free from corporate influence - and a distinct center for drug safety." In Graham's eyes, the problem at the FDA is that the same scientists who approve drugs are the ones charged with deciding whether or not they are safe enough to remain on the market when problems crop up. Graham says that he thinks there should be formal, periodic reviews of the safety of new medicines - and that the FDA should release documents that explain its reasoning. "The FDA does not think anything it did is a mistake," he says. "[Yet] none of its decisions are evidence-based." "Today Merck was on trial, and a judgment was rendered," he says. "But when will the public hold the FDA accountable for its role, its complicity, in this catastrophe?"
Note: Learn how Merck blatantly altered the death numbers in their drug trials in this Seattle Times article. This article persuasively argues the actual death numbers were around 500,000. WTK founder Fred Burks had a shocking encounter where he learned about intense corruption at the FDA. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
The sudden death of a prominent anti-vaccination activist has led to a police probe. Brandy Vaughan, 45, was found dead on December 7. On Monday, the Santa Barbara County Sheriff's Office announced an investigation into the circumstances surrounding her death. "The decedent has been positively identified and the death is believe [sic] to be a result of natural causes based on an autopsy exam conducted last week," Santa Barbara County Sheriff Public Information Officer Raquel Zick said. "The final cause and manner of death determination are pending toxicology screening which normally takes 4-6 weeks." Vaughan, a former Merck pharmaceutical representative, was an outspoken critic of mandatory vaccinations and pharmaceutical companies. She founded non-profit organization Learn The Risk in a bid to educate people "on the dangers of pharmaceutical products, including vaccines and unnecessary medical treatments." [Vaughan] once worked for Merck pharmaceutical as a sales representative for Vioxx, a painkiller eventually taken off the market."I realized that just because something is on the market doesn't mean it's safe," Vaughan writes. "Much of what we are told by the healthcare industry just simply isn't the truth." In a Facebook post dated December 4 of 2019, Vaughan asks: "Ever wonder why I speak out against Big Pharma and suffer the major consequences? Because I will fight for my son and humanity and I will educate people on pharmaceutical product dangers until my last breath!"
Note: This article fails to mention that the number of deaths due to Vioxx are estimated to be between 40,000 and 500,000. Read also an article titled "Mystery surrounds death of Tanzanian president who defied COVID lockdown." For more along these lines, see concise summaries of deeply revealing news articles on vaccines and Big Pharma corruption from reliable major media sources.
Twenty-nine Nobel laureates have condemned alleged "judicial harassment" by Chevron and urged the release of a US environmental lawyer who was put under house arrest for pursuing oil-spill compensation claims on behalf of indigenous tribes in the Amazon. The open letter signed by scientists, authors, environmentalists and human rights activists said the treatment of lawyer Steven Donziger, whose movements have been restricted for more than 250 days, was one of the world's most egregious cases of judicial harassment and defamation. Donziger represents 30,000 indigenous people and small farmers who won a $9.5bn class action lawsuit against Chevron in Ecuadorean courts in 2013, as compensation for the contamination of their land by oil extraction activities. This judgment was one of the largest ever against an oil company, but not a cent of these damages has been paid to the plaintiffs. Donziger, who has been involved with the case for 27 years, has pressed for justice and payment of damages to his clients at increasing personal cost. His reputation, legal credentials and liberty have come under attack. Chevron has lobbied for his removal from bar associations and launched a countersuit accusing him of bribery and fraud, which was upheld by district judge Lewis A Kaplan in 2014. It was later reported that Chevron paid more than a million dollars for one of the key witnesses in the case – an Ecuadorean judge – to come to the United States. That witness later said he lied under oath.
Note: For lots more, read this Mother Jones article titled "How Did a Lawyer Who Took on Big Oil and Won End up Under House Arrest?." For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
On Wednesday, Human Rights Watch released a troubling report, which it has since walked back, about a phone application made by the Chinese government. The app provides law enforcement with easy, daily access to data detailing the religious activity, blood type, and even the amount of electricity used by ethnic minority Muslims living in the western province of Xinjiang. The app relies heavily on facial recognition software supplied by Face++, a division of the Chinese startup Megvii. The flurry of media reports this week about Face++ ... and the role of the private sector in building China's increasingly sprawling surveillance state, however, left out another prominent investor in the company: Hunter Biden. Hunter Biden's investment company in China, known as Bohai Harvest RST, has pooled money, largely from state-owned venture capital, to buy or invest in a range of industries. In 2017, Bohai Harvest bought into Face++. Bohai Harvest ... has brought Hunter Biden into close proximity to influential Chinese government and business figures. The investment fund has also partnered with a subsidiary of HNA Group. The HNA Group has made unusually extensive efforts to cultivate U.S. officials. The company floated an offer to buy out the hedge fund owned by former White House official Anthony Scaramucci; retained the legal services of Gary Locke, the former U.S. ambassador to China, shortly before his confirmation; and provided financing to a private-equity firm backed by Jeb Bush.
Note: This informative video delves into the shady dealings of Hunter Biden. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world from reliable major media sources.
The latest study to look at the long-term effects of Roundup, a popular weed killer developed by Monsanto in the 1970s, raises questions about the herbicide's possible contributions to poor health in certain communities. The study, published Tuesday in JAMA, tracked people over the age of 50 in southern California from 1993-1996 to 2014-2016, with researchers periodically collecting urine samples during that time. The percentage of people who tested positive for a chemical called glyphosate, which is the active ingredient in the herbicide Roundup, shot up by 500% in that time period. The levels of glyphosate also spiked by 1208% during that time. One trial from the UK, in which rats were fed low levels of glyphosate throughout their lives, found that the chemical contributed to a higher risk of nonalcoholic fatty liver disease, a condition in which fat accumulates in the liver and contributes to inflammation and scarring of the tissue. [Researcher Paul] Mills says that the levels of glyphosate documented in the people in his study were 100-fold greater than those in the rats. While Roundup was developed to eliminate most weeds from genetically modified crops – and thus reduce the amount of pesticides sprayed on them – recent studies have found that many weeds are now resistant to Roundup. That means growers are using more Roundup, which could only exacerbate potential negative health effects on people who consume those products.
Note: Bayer recently agreed to a $10 billion settlement over claims that its glyphosate-containing product RoundUp causes cancer. Meanwhile, Mexico is banning glyphosate and GMO corn. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption and GMOs from reliable major media sources.
Monsanto owner Bayer AG and industry lobbyist CropLife America have been working closely with US officials to pressure Mexico into abandoning its intended ban on glyphosate, a pesticide linked to cancer that is the key ingredient in Monsanto's Roundup weedkillers. The moves to protect glyphosate shipments to Mexico have played out over the last 18 months, a period in which Bayer was negotiating an $11bn settlement of legal claims brought by people in the US who say they developed non-Hodgkin lymphoma due to exposure to the company's glyphosate-based products. The pressure on Mexico is similar to actions Bayer and chemical industry lobbyists took to kill a glyphosate ban planned by Thailand in 2019. Records show alarm starting to grow in the latter part of 2019 after Mexico said it was refusing imports of glyphosate from China. In denying a permit for an import shipment, Mexican officials cited the "precautionary principle", which generally refers to a policy of erring on the side of caution. Industry executives told US government officials that they feared restricting glyphosate would lead to limits on other pesticides and could set a precedent for other countries to do the same. Mexico may also reduce the levels of pesticide residues allowed in food, industry executives warned. "If Mexico extends the precautionary principle" to pesticide residue levels in food, "$20bn in US annual agricultural exports to Mexico will be jeopardized", [CropLife president Chris] Novak wrote to US officials.
Note: For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.
The factory that Pfizer Inc. plans to use to boost production of its covid-19 vaccine for the massive U.S. inoculation effort was cited by federal inspectors last year for repeated quality-control violations. Food and Drug Administration inspectors visited the McPherson, Kansas, plant at the end of 2019 into January 2020, according to an inspection report. They found the drug giant released medications for sale after failing to thoroughly review quality issues that arose in routine testing, the report shows. Additionally, the report says inspectors found bacteria and mold in supposedly sterile areas, an issue seen in previous visits to the facility. And the plant failed to properly sample drug products to ensure they didn't have excessive levels of certain toxins, the inspectors wrote. The FDA sent Pfizer a warning letter, the agency's strongest rebuke, concerning the factory in 2017 after the agency detected issues similar to those it found in 2020. The FDA concluded that Pfizer had addressed the violations in June 2018, a month before it returned to the facility and found more problems. The company plans to supply the U.S. with 200 million doses of its two-shot vaccine regimen by the end of May. The FDA halted all inspections of drugmaking facilities at the beginning of the Covid-19 pandemic, though it has since resumed some domestic visits. Pfizer's plant in Kansas is also authorized to make the Covid-19 treatment remdesivir.
President Joe Biden's administration is being asked to punish Hungary, Colombia, Chile, and other countries for seeking to ramp up the production of Covid-19 vaccines and therapeutics without express permission from pharmaceutical companies. The sanctions are being urged by the drug industry, which has filed hundreds of pages of documents to the Office of the U.S. Trade Representative outlining the alleged threat posed by any effort to challenge "basic intellectual property protections" in the response to the coronavirus pandemic. The drug industry has sharply criticized any attempt to share vaccine patents or the technological knowledge needed to manufacture them, despite global need. The strident corporate opposition to any intellectual property flexibility has rankled public health advocates, many of whom note that much of the vaccine technology has been financed by the public sector. The Pfizer vaccine, noted Prabhala, was developed in partnership with the European firm BioNTech, which received $445 million from the German government to help accelerate vaccine development and manufacturing. The U.S. government provided about $1 billion for the research and testing by Moderna to create its coronavirus vaccine. Johnson & Johnson received over $1.45 billion in funding from the Biomedical Advanced Research and Development Authority, a division of the U.S. Department of Health and Human Services, for its recently approved Covid-19 vaccine.
A nursing home accused of illegally "dumping" patients onto city streets and into ill-equipped homes in order to take in more lucrative COVID-19 patients will nearly double its nursing staff, allow increased oversight and pay $275,000 in penalties and costs to settle a lawsuit brought by the Los Angeles city attorney's office. City Attorney Mike Feuer on Monday announced the legal agreement with the Lakeview Terrace skilled nursing facility, which he had accused of "sustained" and "intentional" misconduct in failing to adequately tend to some patients, while pushing others out of the 99-bed home. The city alleged in its lawsuit that the facility west of downtown had an incentive to discharge long-term residents in order to make room for COVID-19 patients, who brought Lakeview Terrace much higher reimbursement payments from Medicare. In one instance, the lawsuit said, an 88-year-old man with dementia was transferred from the nursing home in the Westlake neighborhood to a boarding house in Van Nuys, only to be found a day later wandering the streets, profoundly confused. Health care experts have warned that the money skilled nursing facilities are paid under a plan by the federal government to care for people stricken by the coronavirus would lead to patient-dumping by unscrupulous operators. The reimbursement plan pays more than four times more for COVID-19 patients than homes can charge for long-term residents with relatively mild conditions.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
Carlos is a Mexican businessman. Two associates accompanied him as he travelled [to] India. There, [he] met Manu Gupta, a businessman active in a variety of sectors. On 25 September 2018 he was arrested in the city of Indore, Madhya Pradesh, along with a Mexican associate and an Indian chemist. The three men were wearing masks and gloves – and were in possession of more than 10kg of fentanyl – an ultra-potent synthetic opioid. The case sheds light on the international networks which Mexican cartels have built up – and the business methods they employ to dominate the lucrative fentanyl market. Fentanyl increasingly displaced heroin on the underground market, causing record numbers of overdoses around the world. In 2018, fentanyl and similar synthetic drugs accounted for nearly half of the 67,367 drug overdose deaths in the US. This year, overdoses have rocketed during the coronavirus pandemic, with more than 40 US states reporting an increase in drug mortality rates – particularly from synthetic opioids like fentanyl. In theory, sales of precursors are highly regulated. In reality, the extent of the problem is revealed with a simple Google search. Entering keywords for fentanyl precursors quickly leads you to the social network Pinterest, where – nestled between wedding moodboards and home decor inspiration – are posts from Chinese companies offering fentanyl precursors for export – many directed towards Mexico.
Note: Pharmaceutical executives have been caught bribing doctors to prescribe fentanyl-containing painkillers. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Sperm counts have been dropping; infant boys are developing more genital abnormalities; more girls are experiencing early puberty; and adult women appear to be suffering declining egg quality and more miscarriages. It's not just humans. Scientists report genital anomalies in a range of species, including unusually small penises in alligators, otters and minks. In some areas, significant numbers of fish, frogs and turtles have exhibited both male and female organs. Experts say the problem is a class of chemicals called endocrine disruptors, which mimic the body's hormones and thus fool our cells. This is a particular problem for fetuses as they sexually differentiate early in pregnancy. Endocrine disruptors can wreak reproductive havoc. These endocrine disruptors are everywhere: plastics, shampoos, cosmetics, cushions, pesticides, canned foods and A.T.M. receipts. They often aren't on labels and can be difficult to avoid. Chemical companies ... lobby against even safety testing of endocrine disruptors, so that we have little idea if products we use each day are damaging our bodies or our children. Still, the Endocrine Society, the Pediatric Endocrine Society, the President's Cancer Panel and the World Health Organization have all warned about endocrine disruptors, and Europe and Canada have moved to regulate them. But in the United States, Congress and the Trump administration seemed to listen more to industry lobbyists than to independent scientists.
It's not often that a place like Harvard Medical School gets an F – particularly when rivals Stanford, Columbia and the University of Pennsylvania are pulling A's and B's. But that's what happened recently when the members of the increasingly influential – and increasingly noisy – American Medical Student Association (AMSA) decided to grade 150 med schools on just how much money and gifts they're collecting from drug companies. The more goodies a school is vacuuming up from the industry, the worse its grade. It turns out that many professors and instructors are, legally, on the dole as well, and students are beginning to worry that what they're being taught is just as one-sided as what patients are being prescribed. Harvard, at the moment, is at the center of it. Of Harvard's 8,900 professors and lecturers, 1,600 admit that either they or a family member have had some kind of business link to drug companies – sometimes worth hundreds of thousands of dollars – that could bias their teaching or research. Additionally, pharma contributed more than $11.5 million to the school last year for research and continuing-education classes. And while Harvard might be the highest-profile name that was posted on AMSA's grade list, it was hardly the only one that flunked: 40 out of the 150 schools surveyed received F's; only 22 got an A or B. Harvard has convened a 19-member committee ... to review its pharma policy, though the university is hedging on whether it actually plans to change the way it operates.
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
A congressional report found many of the products made by the country's largest commercial baby food manufacturers contain significant levels of toxic heavy metals, including arsenic, lead, cadmium and mercury, which can endanger infant neurological development. The report ... from the House Oversight Committee's subcommittee on economic and consumer policy found heavy metals in rice cereals, sweet potato puree, juices and sweet snack puffs made by some of the most trusted names in baby food. Gerber, Beech-Nut, HappyBABY (made by Nurture) and Earth's Best Organic baby foods (made by Hain Celestial Group) complied with the committee's request to submit internal testing documents. Campbell Soup, which sells Plum Organics baby foods, Walmart (its private brand is Parent's Choice) and Sprout Foods declined to cooperate. Although there are no maximum arsenic levels established for baby food ... the FDA has set the maximum allowable levels in bottled water at 10 ppb of inorganic arsenic. Hain ... used many ingredients in its baby foods with as much as 309 ppb of arsenic. Lead levels in baby foods should not exceed 1 ppb. Beech-Nut used ingredients containing as much as 886.9 parts per billion of lead. In addition, Gerber used carrots containing as much as 87 ppb of cadmium and Nurture sold baby foods with as much as 10 ppb of mercury. And even when baby foods tested over companies' internal limits for these heavy metals, they were sold anyway.
Note: For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.
Rep. Katie Porter on Friday published a damning report revealing the devastating effects of Big Pharma mergers and acquisitions on U.S. healthcare, and recommending steps Congress should take to enact "comprehensive, urgent reform" of an integral part of a broken healthcare system. The report, entitled Killer Profits: How Big Pharma Takeovers Destroy Innovation and Harm Patients, begins by noting that "in just 10 years, the number of large, international pharmaceutical companies decreased six-fold, from 60 to only 10." While pharmaceutical executives often attempt to portray such consolidation as a means to increase operational efficiency, the report states 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." Big pharmaceutical companies are not responsible for most major breakthroughs. Rather, innovation is driven in small firms, which are often spun off of taxpayer-funded academic research. These small labs are then purchased by giant firms. Instead of producing lifesaving drugs for diseases with few or no cures, large pharmaceutical companies often focus on small, incremental changes to existing drugs in order to kill off generic threats to their government-granted monopoly patents. Mergers in the pharmaceutical industry have had an overall negative effect on innovation.
Note: The major media, sponsored largely by Big Pharma, completely failed to report on this important study. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.