"In response to complaints that U.S. drug prices are at least twice those in any other country, Pfizer and other U.S. pharmaceutical companies have argued that the profits from these high prices—enabled by a generous intellectual-property regime and lax price regulation—permit more R&D to be done in the United States than elsewhere. Yet from 2003 through 2012, Pfizer funneled an amount equal to 71% of its profits into stock buybacks, and an amount equal to 75% of its profits into paying dividends to shareholders. In other words, it spent more on buybacks and dividends than it earned and tapped its capital reserves to help fund them. The reality is, Americans pay high drug prices so that major pharmaceutical companies can boost their stock prices and pad executive pay."
"The pharmaceutical industry has long been criticized for concentrating on new drugs that are profitable but not innovative or even necessary. A recent study seems to confirm these charges, finding that American universities and biotechnology firms are responsible for most innovative drug products.
"Biotechs and universities that partner initially with biotechs are responsible for the discovery of a disproportionately high number of innovative drugs," the study's author, Professor Robert Kneller, of the Research Center for Advanced Science and Technology at the University of Tokyo and Visiting Professor at Stanford Medical School, told DailyFinance. "They are more likely to discover innovative drugs than established pharmas."
[T]he big drug companies now concentrate mainly on the late-stage development of drugs they've licensed from other sources, as well as on producing variations of top-selling drugs already on the market -- called "me-too" drugs. There is very little innovative research in the modern pharmaceutical industry, despite its claims to the contrary."
This year Pfizer will merge with Allergan, plc to form an Irish company, to cease paying American corporate taxes. The taxes that help fund the National Institutes of Health, actual cures & therapies, not designer drugs & evergreen patents.
Pfizer Announces $10 Billion Share Repurchase Program - 2013
Pfizer announces eye-popping $11 Billion Buyback plan - 2014
Pfizer Buys Allergan in $160B Deal That Will Slash Its U.S. Taxes - 2015
http://ift.tt/eA8V8J Giving up its U.S. citizenship could save Pfizer $35 billion in taxes via top scoring links : news http://ift.tt/1XCqmEb
Put the internet to work for you.
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