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NOTE: November 18,2017:
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Here we go again - more of our tax dollars thrown at a company that is already ripping us off.
Keywords: corporate, governance, government, handout, welfare, healthcare, taxes, subsidy
Date Created/Edited: 2015, January 25
This is absurd:
Johnson & Johnson : gets £100m from Europe's IMI to accelerate Ebola vaccine development
Crucell, a subsidiary of Janssen which is a subsidiary of Johnson & Johnson, was given $8 million for fiscal year 2014 by United States National Institutes of Health for 'Research and Development'.
Hey, wait, I keep seeing that Johnson & Johnson CEO Alex Gorsky claims the high costs of drugs is related to the high cost of development. Um, looks like our tax dollars are covering the development part so what, exactly, is Gorsky talking about?
Oh, likely exercising that exclusive Johnson & Johnson Constituational Right to Lie, or at least be deceptive. Yes, research and development does cost a lot of money. Totally agreed. But that's not what is driving up the cost of drugs since research and development is mostly paid for by taxpayers and individuals. In addition to raping the public health system for development money, tons of money is constantly pouring in from thousands of disease awareness groups such as breast cancer, asthma, arthritis, and so on.
As of September, 2014, Johnson & Johnson had in excess of $33 BILLION in cash and short-term investments. Does anyone else think there is something wrong with giving hundreds of millions of taxpayer dollars to a corporation with more than $33 BILLION while taxpayers are struggling to pay their mortgages and fuel bills? The high cost of healthcare is simple: Greed.
This isn't 'Corporate Welfare' or 'Subsidy' - this is blatant, out of control greed. However, as more Americans lose their homes to foreclosure and everything else in bankruptcy due to the high cost of healthcare eating up an ever-increasing portion of their paycheck they can no longer pay on bank debts, the banks will continue to sink since the loss of revenue from consumer bankruptcies and foreclosures will likely outpace the revenue gained in dividends from healthcare companies such as Johnson & Johnson.
Gee, wonder what's going to happen when investment bank executives realize the bleeding hole of bankruptcies and foreclosures are caused by corruption causing the astronomical rise in healthcare costs?
1. Author (2015, January 19). Johnson & Johnson : gets Â€100m from Europe's IMI to accelerate Ebola vaccine development Publication. Retrieved from http://www.4-traders.com/JOHNSON--JOHNSON-4832/news/Johnson--Johnson--gets-A100m-from-Europes-IMI-to-accelerate-Ebola-vaccine-development-19731075/
2. United States National Institutes of Health (2014). Crucell Award 2014 US NIH Grant Awards. Retrieved from http://report.nih.gov/award/index.cfm?ot=&fy=2014&state=&ic=&fm=&orgid=10001490&distr=&rfa=&om=n&pid=#tab2
3. Emily Patterson (Content list, frequently updated). The Other Side of JNJ CEO Alex Gorsky Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/gorsky.shtml
4. Emily Patterson (2013, June 20). Johnson & Johnson Defense Against $1.2 Billion Arkansas Risperdal: We Have a Constitutional Right to Lie Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/right_to_lie.shtml
5. Yahoo (014, September). Johnson & Johnson Cash and Short Term Investments (Quarterly) Chart Y-Charts. Retrieved from http://ycharts.com/companies/JNJ/cash_on_hand
6. Emily Patterson (2012, October 27). Rising Health Care Costs Fueling 50% of Foreclosures and Economic Crisis Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/healthcare_foreclosures.shtml
7. Emily Patterson (2012, October 27). Content Title Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/healthcare_bankruptcies.shtml
8. David Futrelle (2012, March 23). Will the Cost of Health Insurance Eventually Eat Up Your Entire Paycheck? Study Says Yes. TIME Business. Retrieved from http://business.time.com/2012/03/23/will-the-cost-of-health-insurance-eventually-eat-up-your-entire-paycheck-study-says-yes/