Protecting America’s Health: The FDA, Business and a 100 Years of Regulation by Philip J. Hilts (2003)
Wow! What an eyeopening book! Well written and full of very specific circumstances, like why a bad drug is allowed to keep being prescribed when EVERYONE knows it actually kills people and fails as an antibiotic as well. Highly recommend reading this book so that if enough people know about the evils of Big Pharma, maybe we can change things!
p. 130 – Blair [FTC chair] was not sure it [drugs] was a good topic.The economics of it were complex, the industry was new and no one had studied it, no good industry numbers were available, and the industry was riding a popular high because of the success of antibiotics. And, of course, the drug industry had enormous cash reserves, COULD RETALIATE FORCEFULLY and effectively if they did not like the bent of the hearings. But through the years, Till and others had been saving documents and accumulating data, because they knew the day of reckoning for the drug industry would come.
Blair was not convinced until one afternoon when he was looking at FTC reports on about two dozen different industries. Until that time, drug companies had been listed under the CHEMICAL industry. But now, someone at the FTC had broken them out separate.y, and IT STOOD OUT. The pharmaceutical industry was not only the biggest profit maker, but the levels of profits were DOUBLE the industry average, 19% of investment after taxes. Blair called Till [FTC economist serving with Blair] and together they looked at the numbers. “My God, just look at those profits!” he said to her. She allowed that she had never seen any numbers like it in her years as an economist. The decision to go ahead with the investigation of the drug business was taken that day.