Big Pharma brings home the cash, slices payroll

The Bush Administration was looking for new jobs when it announced a tax amnesty program aimed at encouraging multinationals to repatriate foreign profits. The New York Times reports that the drug industry was the most enthusiastic sector when it came to bringing the money home--to the tune of $100 billion. But instead of adding new jobs, the pharma companies have been cutting them. And now that the two-year program is over, the drug companies are once again turning to shelters to move their money into other markets. In some cases that involves designating other markets as more profitable than their U.S. market, even though the U.S. has traditionally served as pharma's global cash cow.

- read the article from The New York Times

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