Pfizer fined record £84.2m for overcharging NHS 2600%
The CMA, issuing its biggest ever fine, said the ‘extraordinary price rises have cost the NHS and the taxpayer tens of millions of pounds’
Drug firms Pfizer and Flynn Pharma have been fined nearly £90m by the UK’s competition watchdog for “unfair” pricing to the NHS after hiking up the cost of an anti-epilepsy drug by up to 2,600 per cent.
SAV Comment: More animal testing profit before helping sick people !
So Pfizer is now going to be an Irish company, despite being about as Irish as Vladimir Putin.
Its “merger” with Allergan, which when completed will unite Viagra and Botox in a $360bn (£240bn) corporation, has attracted a lot of coverage this week. Not because of the enormous price tag, high-profile drugs or that it is a takeover disguised as a merger, but because of the tax implications of that Irish postcode.
By moving its official headquarters to Ireland, Pfizer could cut something like $2bn off its US tax bill by 2017. Good for Pfizer and for Ireland, less good for the burden on US taxpayers.
Corporate tax receipts have been in sharp decline for 40 years and now represent a pitiful 1.8 per cent of GDP. Pfizer is just the latest to “invert” – where companies move headquarters to virtually meaningless addresses in low-tax countries while to all intents and purposes remaining based in the US. There is neat symmetry
– Allergan is a New Jersey company and is only marginally more Irish than Mr Putin.
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