The Gist L.A. Fires: The Cost and the Climate
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Jan 13, 2025 John Kay, an Oxford professor, Financial Times columnist, and author known for dissecting modern business practices, dives into the devastating wildfires in Los Angeles. He highlights the intertwining of climate change with rising disaster costs, claiming the damage rivals global calamities. Kay examines the pharmaceutical industry’s shift from innovation to profit, critiquing the erosion of ethical standards. Reflecting on a healthcare executive's assassination, he underscores the industry's fall from grace and poses crucial questions about corporate responsibility amid these crises.
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James Black's Drug Discoveries
- James Black, a scientist at ICI, developed a blockbuster hypertension drug.
- He later discovered a powerful anti-ulcerant at SmithKline, contributing to the rise of AstraZeneca and GlaxoSmithKline.
Profitability of Chronic Treatments
- Pharmaceutical companies can profit greatly from treating chronic conditions rather than curing diseases.
- Drugs for ongoing issues like hypertension and ulcers generate more revenue than one-time cures.
Philanthropy and Profit Margins
- Highly profitable companies like Merck, Google, and Apple can afford philanthropic initiatives.
- Their large profit margins allow them to prioritize image and ethos alongside financial gains.
