America spends a fortune on drugs, more per person than any other nation on earth, even though Americans are no healthier than the citizens of other advanced nations. Of the estimated $2.7 trillion America spends annually on health care, drugs account for 10 percent of the total. Government pays some of this tab through Medicare, Medicaid and subsidies under the Affordable Care Act. But we pick up the tab indirectly through our taxes. We pay the rest of it directly, through higher co-payments, deductibles and premiums. Drug company payments to doctors are a small part of a much larger strategy by Big Pharma to clean our pockets ... The drug companies say they need the additional profits to pay for researching and developing new drugs. But the government supplies much of the research Big Pharma relies on, through the National Institutes of Health. Meanwhile, Big Pharma is spending more on advertising and marketing than on research and development -- often tens of millions to promote a single drug. And it's spending hundreds of millions more every year on lobbying. Last year alone, the lobbying tab came to $225 million, according to the Center for Responsive Politics. That's more than the formidable lobbying expenditures of America's military contractors. In addition, Big Pharma is spending heavily on political campaigns. In 2012, it shelled out over $36 million, making it the biggest political contributor of all American industries.
Latest
Latest News
Each news summary is created according to strict standards. Here's how we do it.
Each summary is created using a consistent editorial procedure. The target length is approximately 16 lines of 11-point Arial text in a 650-pixel-wide column. Up to 25% of a summary may be set in bold to emphasize the most important ideas. Summaries are composed of verbatim excerpts presented in the same sequence as they appear in the original news source, with very minor editorial additions. Where material has been omitted between excerpts, the omission is indicated with ellipses (...). Any words added by an editor for clarity or context appear in [brackets]. Our original news editor was Fred Burks. Tod Fletcher edited most summaries from 2007 through 2014, and Mark Bailey has served as news editor since 2014.