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After completing the $6.8 billion purchase of Pennsylvania-based Cephalon, Teva, the world’s largest generic drug manufacturer announced plans to eliminate about 1,500 US jobs, most of them at Cephalon. Cephalon, which has several marketed products, currently employees about 3,700 US-based persons. This means that Teva will cut Cephalon’s workforce by about 40 percent.

According to a post on today’s Pharmalot blog, a company spokesperson said that the jobs that will be eliminated will be those that overlap with those functions already being performed by Teva. Layoffs at Cephalon were not unexpected as the company had previously identified approximately $500 million in possible savings that it would implement after the deal closed.

If layoffs at pharmaceutical and biotechnology companies continue at their current pace, I am not sure that there will be a US life sciences industry in the future.

Until next time...

Good Luck and Good Job Hunting!!!!!!!!!

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Sunday marks the beginning of “American Education Week”, the observance which was started back in 1921. It was created by the National Education Association (NEA) and other groups because 25% of World War I draftees were illiterate.

While a lot has change in the US since 1921 and the literacy rate has drastically improved, the quality of the American education system, especially in math and science, continues to be suspect and in many instances is failing its citizens. Much of this failure is rooted in skyrocketing college tuition costs which prevents many Americans access to an adequate post secondary education. 

Most politicians contend that education costs are too high and spending on education must be capped. However a quick look at some facts (provided by an article in USA Today written by its founder Al Neuharth) paints a much different picture

• Families are spending an average of $64 billion annually to send 13.9 million students to public colleges and universities
• For the past 10 years, the US has spent $1.1 trillion per year on wars in Iraq and Afghanistan; an annual average of more than $110 billion

As Mr. Neuharth aptly points out: $64 billion annually for higher education versus $110 billion per year for wars!

Is it any wonder that American students continue to lag in science and math preparedness as compared with much smaller countries where higher education is free or heavily subsidized by their respective governments? Think about this the next time you hear politicians and conservative talk show hosts about America’s dwindling competitiveness in math and science.

Until next time…

Good Luck and Good Job Hunting!!!!

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Health care spending in the United States grew 6.7 percent in 2006 to $2.1 trillion, or $7,026 per person. This represents a slight increase over the 6.5 percent rate in 2005 (which was the slowest growth since 1999). Health spending accounted for 16 percent of US gross domestic product in 2006, outpacing overall nominal GDP growth by 0.6 percent. However, total health care spending in the US is not the real story here.

The federal government reported that the new Medicare drug benefit called Part D, which was implemented in early 2006, contributed to an 18.7 percent increase in Medicare spending that year, the fastest rate of growth since 1981 and double the rise in 2005.  In 2006, Medicare spending rose to $401.3 billion, up from $338.0 billion a year earlier, according to the government’s annual health spending report.

The impact on funding sources that paid for prescription drug benefits varied. The public share of spending (federal and state)  increased from 28 percent in 2005 to 34 percent in 2006, while funding from private sources (insurers) fell from 72 percent to 66 percent.  The shift in funding was most dramatic for Medicare and Medicaid. Medicare’s share of total retail prescription drug spending surged from just 2 percent in 2005 to 18 percent in 2006, following Part D implementation. Meanwhile, Medicaid’s share fell from 19 percent to 9 percent.

At present, the US government cannot negotiate prescription drug pricing with drug companies that produce the medications–only drug distributors and third party insurers can do that! As the baby boomer retirement continues, the amount of government spending on prescriptions drugs will increase exponentially and ultimately cause healthcare costs in this country to explode. In my opinion there are two options: impose price controls on prescription drugs or provide all US citizens with a national healthcare system that allows the government to negotiate drug pricing directly with drug manufacturers. And for those of you who think national healthcare is a fantasy–over 60% of all healthcare claims in the US are currently handled and paid by Medicare–a federally finaced and run government healthcare system!  We are closer to a national health insurance program than you think!

Until next time...

Good Luck and Good Job Hunting!!!!!!

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