Obamanomics: A Counterhistory

The American taxpayer has been subsidizing pharmaceutical companies for decades with the promise that the R&D we were paying for would result in lower prices and breakthrough cures. Instead, we've been stuck with higher prices (twice as much as other industrialized countries) while the pharmaceutical companies try to snag new markets overseas with what were to be our discounts.

Not only did Obama break his campaign pledge (of the government, PhRma biggest customer, negotiating for lower priced drugs, and reimporting pharmaceuticals), he gave PhRma a huge gift.  The deal that Obama made with PhRma wasn't for PhRma to go up against Big Insurance; it was for PhRma to help sell a plan that makes more profits for Big Insurance.

PhRma paid chump change ($80 billion over 10 years, plus $150 million for ads to support a plan that had NO public option) so that they could keep massive profits and k!II public healthcare.  Obama (who had dropped the public option and the universal requirement) let the pharmaceutical industry continue to make obscene profits, and gave the insurance industry a clear field and new customers, all paid for with taxpayers' money.

 Oh, and by the way, $80 billion over 10 years is less than 1% of the profits PhRma makes a year.
Read the Article at HuffingtonPost