But obviously, Merck spent significantly more in Q4 2022, than it did in Q4 2021. Amgen was modestly lower, same periods.
And, as was true with Pfizer (and Merck), Amgen paid only insignificant amounts (less than 5% of its net income) of US federal corporate income tax, as compared to its billions and billions of global net profits, from life-saving (and very high priced) drugs and bio-science cures. And it -- along with German Merck (no relation) just announced large layoffs that impact US teams, while still being wildly profitable (over $7 billion last year) on an economic basis -- from selling these drugs (with US payors regularly bearing the highest overall net prices in the world). These top-prices are paid in the main by US-based insurers, and yes US-private pay consumers. That just seems. . . as I often say. . . inequitable.
In any event, here is what all Amgen is bending lots of Congressional ears about:
. . .▲ Issues related to drug pricing reform; Public law 117-1769 Inflation Reduction Act
▲ HR 2617 Consolidated Appropriations Act of 2023:
▲ issues related to cardiovascular disease▲ S1435 affordable prescriptions for patients act; H.R.2873 Affordable Prescriptions for Patients Through Promoting Competition Act; H.R. 2884 Affordable Prescriptions for Patients Through Improvements to Patent Litigation Act; Biosimilars reimbursement issues, no specific bill; Supply Chain Issues, no specific bill; Issues related to biodefense issues, S3799 PREVENT Pandemics Act; Issues related to cardiovascular disease awareness, S. 3018/ HR 3173 Improving Seniors Timely Access to Care Act; Issues related to 340B; H.R. 5801 HELP Copays Act; Issues related to patient affordability issues, including copay cards, copay accumulators, National Benefit Payment Parameters; HR 8588 Fair Care Act, 340B hospital reporting; HR 4390 Protect 340B Act. . . .
▲ Issues related to FTC
▲ FDA issues (Food and Drug Omnibus Reforms Act)
▲ Issues related to Pharmacy Benefit Manger transparency
▲ Issues related to clinical trial diversity
▲ Public law 117-1769 Inflation Reduction Act; HR 2617 Consolidated Appropriations Act of 2023; Issues related to drug pricing reform and Medicare Part D redesign; S. 1943 and H.R. 3517, Issues related to DXA scans, osteoporosis; issues related to cardiovascular disease awareness; Issues related to ESRD; Issues related to asthma and self-administered drug list; Reimbursement for biologics/biosimilars; Issues related to discarded drugs. . . .
▲ Issues related to corporate and international tax, including regarding Public Law 115-97, Tax Cuts and Jobs Act; Issues related to Puerto Rico; Issues related to OECD negotiations on the taxation of global income. . . .
▲ S.1435 Affordable Prescriptions for Patients Act; H.R.2873 Affordable Prescriptions for Patients Through Promoting Competition Act; H.R. 2884 Affordable Prescriptions for Patients Through Improvements to Patent Litigation Act; S 2891 Restore the America Invents Act; S. 2774 - Pride in Patent Ownership Act; S. 4704 - Patent Examination and Quality Improvement Act of 2022; S. 4417 - Patent Trial and Appeal Board Reform Act of 2022; S. 4430 - Interagency Patent Coordination and Improvement Act of 2022; FTC related issues; Issues related to the Patent Act; Issues related to march-in/Bayh Dole, WTO/TRIPS waiver, no specific bill. . . .
Sure. This is very common -- in several US industrial groups: making vast profits from (primarily) US consumers, then laying mostly (admittedly, higher wage) US workers off. . . while still paying very small amounts in US corporate income taxes, on an overall basis -- booking all income into tax havens like Ireland, and Swiss holdcos, as well as various island jurisdictions. . . like Puerto Rico. But just because it is common. . . that does not make it. . . right.
Out -- to watch a six year old girls' basketball game (mostly, a game of "dodge-ball", actually -- they are still learning the rules, and very few want to be responsible for handling the rock). Hilarious!
नमस्ते
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