Healthy Skepticism Library item: 17908

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

Publication type: Journal Article

Gottlieb S
Drug companies maintain 'astounding' profits.
BMJ 2002 May 4; 324:(7345):1054
http://www.bmj.com/cgi/content/extract/324/7345/1054/b

Abstract:

Pharmaceuticals again ranked as the most profitable sector in the United States, topping the annual Fortune 500 ranking of America’s top industries, released this month.

The pharmaceutical industry topped all three of Fortune magazine’s measures of profitability for 2001, making this decade the third in which the industry has been at or near the top in all the magazine’s measures of profitability.

The occasion was seized by critics of the industry as reflecting corporate greed. Frank Clemente, director of Public Citizen’s Congress Watch, said: “During a year in which there was much talk of sacrifice in the national interest, drug companies increased their astounding profits by hiking prescription prices, advertising some medicines more than Nike shoes, and successfully lobbying for lucrative monopoly patent extensions. Sometimes what’s best for shareholders and chief executive officers isn’t what’s best for all Americans, particularly senior citizens who lack insurance cover for prescription drugs.”

Overall profits of . . .