E Street Journal

Patriotism: disappearing more and more each year in the corporate environment.

Gilead Sciences,  founded in 1987 in Foster City, California, calls itself an American biotechnology company that is inspired by the opportunity to address unmet medical needs for patients living with life-threatening diseases around the world.

Gilead is inspired by the opportunity to make exhorbitant profits by capitalizing on unmet medical needs for patients with life-threatening diseases.

It did so when, unable to develop its own Hepatitis drug, it spent $11 billion to buy a company, valued at several hundred million a few years earlier, that successfully developed a drug using government, educational and scientific grants.

Because their was an unmet need, Gilead was able to charge United States patients $1,125 a pill, or $94,500 for a 12-week course of treatment.

By gouging the American consumer, Gilead was able to make almost double the $11 billion it spent within the first two years.

The Sovaldi Tax: Gilead Can’t Justify The Price It’s Asking For Hepatitis C Therapy

What makes this even more appalling, rather than pay its fair share of taxes, Gilead is moving all profits overseas to avoid paying US taxes on money paid by US consumers, insurance companies and the American government.

Gilead Avoids Billions in U.S. Tax on Its $1,000-a-Pill Drug

Gilead Holds Cash Overseas to Save Billions on Taxes

For a short period, Gilead had the people who needed this treatment with no option but to ask for this treatment in order to stay alive.

That is no longer the case.

There is now a competitor, that is paying the proper share of taxes on income from sale of its Hepatitis drug.

Why should medicaid, medicare, the veterans administration and other government agencies spend an exorbitant amount of money only to have it funneled overseas in order to avoid being taxed, especially for a drug that was developed using taxpayer funds?

The largest pharmacy benefit manager in the United States – Express Scripts – announced, on December 22, 2014, that it would not approve coverage for Sovaldi or Harvoni and, instead, had entered into an exclusive contract with Gilead’s competitor, AbbVie, Inc., to provide coverage for another Hepatitis C treatment called Viekira Pak, with AbbVie reportedly offering rebates at 40% off of its $83,319 list price, and paying its fair share of taxes.

Write to your congressman, senator and everyone else to demand that Gilead be taken off the approved list and replaced by AbbVie until such time that Gilead stops moving US income overseas!

 

 

 

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