More Healing, Less Stealing

The pharmaceutical/biotech industry's ability to play Robin Hood in reverse -- robbing the needy to give to the greedy -- makes it especially difficult to justify their collecting on various forms of public subsidy that have come to be called corporate welfare. It's also outrageous that the general contractors of these multibillion-dollar companies use subcontractors that don't hire union electricians and other local workers who are graduates of the best apprentice training programs, earn area-standard wages and benefits (including health coverage) and deliver top-quality work at job sites that are constantly monitored for safe working conditions.

Investors have long realized and taken advantage of the fact that drugmakers, unlike many other businesses, are shielded from the impact of economic decline because their customer base -- suffering, ailing people -- literally cannot afford to postpone, cut back, or forego obtaining medicine.

The current acquisitive trend around Wyeth, one of the firms highlighted on this website and in IBEW Local 103's Campaign to Stop Biotech Looting, illustrates the point. The Wall Street Journal (1/08/09) reported that Wyeth CEO Bernard Poussot, who was paid $38.4 million in 2006-2007, confirmed his eagerness to "grab a larger share of one of the industry's fastest-growing segments," manufacturing vaccines through a possible takeover of a Dutch firm valued at more than $1.35 billion.

According to the Journal, Poussot "expected the proportion of Wyeth revenue...from sources other than traditional pharmaceuticals — such as biotech drugs, vaccines and consumer products — to rise to about 75% in the next four to five years, from about 60% now."

Despite the sinking worldwide economy, the hardships affecting millions and the stresses upon federal, state and local budgets, Poussot said: "We are in a position today to be much more aggressive" in making deals.

Instead of Wyeth acquiring the Dutch vaccine's firm, Pfizer, the world's largest drug company, acquired Wyeth for $68 billion in a move to diversify Pfizer's product line as its Lipitor cholesterol treatment nears the end of its patent protection.

We urge you to keep Poussot's comment in mind as you learn more about what Harvard Medical School's Dr. Marcia Angell calls an industry " corrupted by easy profits and greed" that has "deceived and exploited the American people," yet continues to shamelessly seek taxpayer dollars that should be devoted to healing people and communities.

On this site you'll find a wealth of information about Big Pharma/Biotech's unscrupulous behavior. This includes price gouging, over-prescribing their most profitable products, self-serving mislabeling, tax avoidance, Medicaid and Medicare fraud, corruption of doctors and researchers through "consulting fees" and even trying to persuade the U.S. Supreme Court to sharply curb your right to sue drug companies for deaths or injuries caused by medicine.

See for yourself. And then, please support the campaign.

Stop the Senate Sellout on Generic Drugs!!! Stop Biotech Looting!!! Genzyme = Greed A Message from IBEW Local 103 Mony for Need not Greed | Public Services and Healthcare for ALL!!!