By Kris Sayce – Port Phillip Insider (Australia) –
He speaks. Stocks fall.
Well, one group of stocks in particular: pharmaceutical stocks.
Biotechnology giant Biogen Inc. [NASDAQ:BIIB] fell 3.6%. Pfizer Inc. [NYSE:PFE] fell 1.9%. Bristol-Myers Squibb Co [NYSE:BMY] fell 5.3%.
It was all due to the words that fell from the mouth of US president-elect Donald J Trump. He said, ‘Big pharma is getting away with murder.’
Ouch! That’ll do it.
But what he says is true. And it’s not just big pharma; it’s the medical profession too. As a report in The Age this week noted:
‘Greed, fear of legal action, and widespread commercial influences are contributing to a costly global trend towards unnecessary and potentially harmful medicine, experts say.
‘An international group of leading doctors and academics say up to one-third of many medical procedures are now being done unnecessarily, causing physical, psychological and financial harm that could threaten the viability of healthcare systems.
‘A landmark report in The Lancet medical journal said more needed to be done to address inappropriate medicine, which includes deliberate over-servicing by doctors for their own financial gain.’
You know where to pin the blame for this, right?
Government socialised medicine and health insurance…especially compulsory health insurance.
Big pharma can charge high costs because they know either the government or private health insurers will pick up the tab. And likewise, doctors will overprescribe medicines and procedures because they know that, in most cases, the patient won’t be significantly out of pocket.
And before any doctors reading this write in to say that it’s not true, don’t bother. It’s how the system works, and they make the most of it.
It’s no wonder that more and more people are turning to alternative medicines. They’re fed up with the medical profession, which exists now mostly for the benefit of lining their own pockets.
It’s also another reason why we caution folks about believing the climate change scare tactics. The medical profession follows the money by overprescribing. The science profession follows the money by building up the propaganda in favour of climate change.
Don’t fall for it.