It’s time to break the patent monopoly on prescription drugs. If pharmaceuticals charge more than 10% of the industrial average (average price of industrialized countries) then their patent should be revoked.
We’ve been saying it for years – break them up!
“We have become a rent-seeking society, dominated by market power of large corporations, unchecked by countervailing powers. And the power of workers has been weakened, if not eviscerated. What is required is a panoply of reforms—rewriting the rules of the American economy to make it more competitive and dynamic, fairer and more equal.” — Joseph Stiglitz
The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few.
“There is a new body of economic research, just in the last few years, that has found that the consolidation that we’re seeing across the economy—airlines, retail, media, all these different sectors—is in fact deeply linked to rising levels of inequality. The reason that so many of us can’t make a decent living has to do with this corporate consolidation. There’s growing profits going to a small number of folks at the top. We’re seeing less innovation. New business formation has collapsed; we’re now creating half as many new businesses now as we were in the late 1970s.
“So these effects are substantial, and they affect our own personal bottom line. So we shouldn’t get too distracted by Amazon and the media wanting to frame this in terms of consumers. We should remember that our well-being depends on all these other roles that we play in the economy.”
“Much of our retail and buying is going to be digitally driven, and we are facing the prospect of a single company dominating that trade.”