Coffee spitting time!
Drug CEOs Don't Make Much Money
Billionaire Mayor Michael Bloomberg defended multibillion-dollar pharmaceutical companies and their chief executives on Friday, declaring that they "don't make a lot of money" and shouldn't be scapegoats in the health care debate.
The mayor — and wealthiest person in New York City with a fortune estimated at $16.5 billion — made the comments on his radio show Friday during a discussion about health care.
"You know, last time I checked, pharmaceutical companies don't make a lot of money, their executives don't make a lot of money — not that they couldn't be better," Bloomberg said.
Well how much is not much you may ask???
Abbott Laboratories Inc. Chairman and Chief Executive Miles White's compensation was $25.3 million in 2008No, that's not much. I suppose we should round up some donations for them?
Merck & Co.'s chief executive, Richard T. Clark, received a $17.3 million compensation package for 2008.
And on that note, there should be an upswing in their pay packages for 2009, because thanks to the so called swine flu 'pandemic', drug company profits are exploding!
Drugmakers, Doctors Rake in Billions Battling H1N1 Flu
Drug companies have sold $1.5 billion worth of swine flu shots, in addition to the $1 billion for seasonal flu they booked earlier this year. These inoculations are part of a much wider and rapidly growing $20 billion global vaccine market.
"The vaccine market is booming," says Bruce Carlson, spokesperson at market research firm Kalorama, which publishes an annual survey of the vaccine industry. "It's an enormous growth area for pharmaceuticals at a time when other areas are not doing so well,"
Wasn't that very profitable for the drug companies that WHO declared H1N1 a pandemic?
It's great that governments are so willing to waste taxpayers dollars propping big pharmaceutical corporations at their time of need.