I swear, I'll have a positive post up here soon...but I read through today's papers and my stomach turns at what I see. Aside from the shitstorm financial debacle, there is the continuously stupid things current corporations are doing to grow. One glowing example is the recent stupidity in the pharma markets.
In the last couple weeks, Merck acquired Schering-Plough (Dr. Scholl's, Coppertone, and some drugs) for $41.1BN. Why? Because Merck has a many drugs that are coming off patent soon and thus they will lose out to generic drug makers who can make the same drugs for much cheaper. So Merck doesn't have new medicines to sell and thus has to buy another company to maintain sales. This is the same thing as you raising your hand in class and saying "teacher, I don't think I have the brains for tomorrow's exam, so I'm partnering with my friend and we'll hand in a test together". The VERY REASON for drug companies is so that they can come up with drugs...now they're spending BILLIONS of dollars to cover that fact up? Whats going to happen when the newly acquired company fails to bring new drugs to the table? Fack...
Aside from Merck, Pfizer is looking to buy Wyeth and Genentech is being bought out as well. This are huge companies that sell everything from Sudafed to Lipitor...imagin the bullshit consumers are going to have to go through....
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