(From Natural News)
ABC News reported that the federal government’s National Institutes of Health (NIH) spent some $484 million dollars on developing a cancer drug called Taxol. They entered an agreement with Bristol-Myers Squibb (BMS) in 1993. A 2003 report by the Government Accounting Office (GAO) revealed that the federal government recovered a mere $35 million in royalty payments — even though BMS had racked up profits to the tune of $9 billion — in just 9 years. That’s a billion dollars a year in profits! And yet it was our tax dollars that paid for all that research.
The GAO report showed that the NIH spent almost half a billion dollars to research and create a new drug, and they then signed a contract that inevitably allowed a pharmaceutical company to patent it and prevent generics from entering the marketplace for years. It is beyond comprehension and totally reprehensible.