A couple weeks ago pharmaceutical companies pledged to "voluntarily" reduce their revenues by $80 Billion over 10 years. Forgive me for not standing up to salute that initiative.
Maybe it's because I can... like, do the math in my head.
$80 Billion / 10 years =
too damn little $8 billion per year.
That won't stop the spinmeisters who are brazenly pushing this as a great sacrifice, however, some people see this offer for what it is.
To be sure, $80 billion is less than one-tenth the projected cost of healthcare reform. But by striking this cost-sharing deal with one of the reform effort's leaders--Sen. Max Baucus--and the White House, drugmakers could shame other providers into cutting their prices, too.