The president of a rather large drug company called Pfizer, ok actually Pfizer is the largest drug company in the world, is crying foul at the European Union stating that, "Europe is undermining drug innovation by cutting prices, raising barriers to new medicines and freeloading off others in Asia and the United States who are more willing to pay."
The new Chief Executive of Pfizer, Ian Read said in his Reuters interview, "European governments are sacrificing the long-term future of science in their countries for the sake of short-term budget cuts. There is a disconnection in Europe between the marketplace for pharmaceuticals and the desire of European governments to have innovation and research. Governments in Europe that are becoming increasing reluctant to pay up for innovative therapies would eventually regret it."
You can read the full article, "Pfizer says Europe undermining drug innovation". Then can someone else please go look up how much profits have increased for large drug companies in the past few years? Independent inventors have made due on shoe-string budgets for years. And that is hardly the case for Pfizer.
According to the Chicago Tribune, "Pfizer's Read singled out Germany for particular criticism, pointing to Berlin's recent decisions to extend drug price freezes from 2010, which were initially designed as an emergency measure."
The bottom line to the beef between Pfizer and the EU is that Pfizer does not charge the same price for the same drugs in every country, wealthier countries paid more and poorer countries paid less for the same drugs. But now everyone is feeling the pinch and healthcare costs are soaring. What does Germany considering it an emergency measure to freeze drug prices tell you? Countries are demanding better prices. The debate over drug prices will continue I'm sure. However, in my opinion Pfizer makes more than enough for "innovation". Photo Credit:Getty Images