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November 11th, 2009 4:24 pm
PhRMA Getting Rich from ObamaCare
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Earlier this year IMS Health projected the American drug industry to contract slightly in the next few years, at a rate of 0.01 percent. In an updated report, however, the industry now stands to turn in healthy profits.

This change in good fortune is not because of a surging economy; it’s because of backroom deals with the White House and Congress. According to the report, the industry is expected to grow by 3.5% next year, and is set to rake in about $137 billion over the next four years.

Behind this paradox is the Obama Administration’s deal with the drug companies. IMS states that ObamaCare is actually going to “lead to higher priced brand [non-generic] products.”

So drug companies, the villain and devil-incarnate for much of the left-wing, will soon gain another $137 billion because of the Obama Administration? Wasn’t President Obama supposed to be the destroyer of all evil in the world?

These newfound profits might be surprising, but it comes as no surprise that former Representative Billy Tauzin leads PhRMA and still has plenty of political clout in Washington, D.C.

You might recall Tauzin, architect of the 2003 Prescription Drug Bill, who then bolted for his current cushy position at PhRMA.

What capitalism creates … crony-capitalism destroys.

HT: Huffington Post

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