Interesting article on tax shifting by big pharma.
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Posted On: 08/08/2023 1:17:53 AM
Interesting article on tax shifting by big pharma. (Mods- please feel free to delete if felt not to directly relate to CYDY.)
This tax shifting looks to have a large negative impact on small pharmaceuticals. Perhaps with some reforms- like some of those mentioned at the end of the piece- the result would be 'more biopharmaceutical investment in the US', a more independent and appropriately funded FDA, and a more level playing field for small pharmaceutical companies like CytoDyn- including increased partnerships with the National Institutes of Health.
Big Pharma's big tax dodge
'The six major US pharmaceutical firms that provide fairly detailed data reported making $215 billion worth of sales in the US for 2022. Given America's systematically higher prices, their sales abroad were logically more modest — totaling $170 billion. Despite this discrepancy, the companies reported earning very, very little in profits — in some cases, absolutely nothing — in the US.
To add insult to injury, in many cases, these profits come from drugs developed through research made possible by National Institutes of Health funding and US tax credits for research and development. Despite this support, the US gets neither the biopharmaceutical-manufacturing jobs nor the tax revenues from medicines brought to market by US companies — it gets stuck with only the tab. If that sounds like a raw deal, that's because it is.'
This tax shifting looks to have a large negative impact on small pharmaceuticals. Perhaps with some reforms- like some of those mentioned at the end of the piece- the result would be 'more biopharmaceutical investment in the US', a more independent and appropriately funded FDA, and a more level playing field for small pharmaceutical companies like CytoDyn- including increased partnerships with the National Institutes of Health.
Big Pharma's big tax dodge
'The six major US pharmaceutical firms that provide fairly detailed data reported making $215 billion worth of sales in the US for 2022. Given America's systematically higher prices, their sales abroad were logically more modest — totaling $170 billion. Despite this discrepancy, the companies reported earning very, very little in profits — in some cases, absolutely nothing — in the US.
To add insult to injury, in many cases, these profits come from drugs developed through research made possible by National Institutes of Health funding and US tax credits for research and development. Despite this support, the US gets neither the biopharmaceutical-manufacturing jobs nor the tax revenues from medicines brought to market by US companies — it gets stuck with only the tab. If that sounds like a raw deal, that's because it is.'
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