The big name pharma companies like to whine about the need for taxpayer funded R&D funding for research. Research that coincidentally is developed by Canadas post secondary institutions. And they whine about how they need to over-charge for their products cause R&D is so expensive, an ability which was guaranteed them by the Mulroney Conservatives. Now they rip off Canadians by moving their profits offshore, just like the Irvings and Bronfmans, to avoid taxes.
Ottawa claims Merck owes it $2 billion in t tax
Citing sources, the Montreal newspaper La Presse reported that the revenue agency sent Merck Frosst a notice of assessment for $2 billion, the largest in the agency's history. The bill, the newspaper reported, stems from profits Merck Frosst made on the asthma drug Singulair, which was developed in Montreal. Several years ago, the patent for Singulair, along with some of the profits, were transferred to Barbados, the paper said.
It's not like they can't afford to pay what they owe us...Merck earnings fall but top forecasts
NEW YORK (CNNMoney.com) -- Merck & Co. reported reduced earnings, but still managed to edge past Wall Street expectations, even though Vioxx-related lawsuits against the company continue to mount.
The drugmaker earned 51 cents a share in the third quarter, excluding a charge for plant closings and staff cuts. That's down from the 65 cents a share of net income a year earlier, but above the 50 cent a share forecast of analysts surveyed by First Call.
Looking forward, the company raised its full-year 2006 earnings guidance slightly, to a range of $2.48 to $2.52 earnings per share.
And while everyone was awaiting the Tories Hot Air Plan the Harpocrites snuck in this legislation that extends the old Mulroney give away to Big Pharma....Canadians to pay more for drugs
New regulations give additional dose of protection to drug companies
OTTAWA -- Prime Minister Stephen Harper's government quietly unveiled controversial new regulations Wednesday that will extend market protection for some drugs produced by brand name firms in a move critics predict will lead to higher costs for consumers and provinces already facing skyrocketing medicare bills.
The new rules, which took effect earlier this month, increase exclusive selling rights for all brand name drugs to eight years from five, with an additional six months of protection granted to drugs involved in pediatric studies.
The change will affect 25 per cent of manufactured drugs those that are not protected by the usual 20-year patents that exist on the majority of pharmaceuticals.
Toronto, October 18, 2006 – Changes announced today to Canada’s drug patent rules will drive up prescription drug costs for taxpayers, employers and consumers, Jim Keon, President of the Canadian Generic Pharmaceutical Association (CGPA) said today.
“On whole, regulatory amendments announced today by the federal government will only add to the huge problem of soaring prescription drug costs in Canada,” said Keon. “Big Pharma is the big winner while taxpayers, employers, consumers and Canada’s generic drug makers lose out.”
Keon said the federal government’s changes that provide brand-name drug companies with an eight and a half year ban on competition go far beyond the five years required under international trade agreements such as NAFTA and will add hundreds of millions to Canada’s prescription drug bill.
“Had the current rules been in place over the past five years, it would have added an additional $600-million to prescription drug costs in Canada,” Keon said.
Opps didn't see that one coming did ya.
Not in a week where the Tories kicked out Garth Turner, kicked out Kyoto and kicked the dog.
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