We argue and threaten and talk about Obamacare till the cows come
home. Most don’t like it, most don’t understand it, most likely support most of
the parts of it but not the whole. Defunding it is now a ploy that is being
gambled as a political ploy that may bring us all down.
I thought I’d just put my two cents in on just a little part of the
problem illustrating the enormous costs of medical coverage today by giving you
the salaries of the top 10 CEO of some pharmaceutical companies.
William Weldon is the CEO of
Johnson and Johnson who compensation page is 26.7 million. They have many
manufacturing issues and lots of problems, which lead many to question if he
was being over paid. So, they gave in and 55% increase in his bonus.
Ian Read is the CEO of
Pfizer; his package is $25 million a year. He is deemed a good CEO trimming the
budget by a billion; %1.5 million from R&D and dropping 4,200 employees.
Miles White of Abbott
Laboratories gets $24 million a year. They kicked off the year by cutting 700
jobs in North America.
Robert Coury of Myland gets
$21.3 million a year. It broadening its base with prescription drugs for India.
Keven Shaer of Amgen makes
$18.9 million. He took a pay cut and is set to retire after 20 years. They did
well economically until recently. Be sure he will get a golden parachute.
John Lechleiter of Eli Lilly
gets $16.4 million a year. They dropped his salary a wee bit as stock prices
went down; this was offset by a $2.8 mill increase in his pension.
Jospeh Jimenez of Novartis
makes $15.7 million. They are focusing on R&D hoping for a new cash cow
while cutting thousands of employees.
John Martin of Gilead gets
$15.6 million. They have had success in HIV treatments with 20% increases in
these drugs which cost as much as $20,000 per year.
Laberto
Andreotti of Britol-Myer Sqibb pulls down $14.9 million. He got a big raise
as their stock prices rose.
Robert
Parkinson of Baxter get $14.1 million
after a pay cut in 2010 but all seems well for him now.
In the industry there is a wide range of pay but entry levels are
about $50,000 to $80,000 and things rise from there.
Now from here we can go to healthy insurance CEO salaries where the
median last year was $11 million. Here are their top ten according to Forbes:
Rank
|
Name
|
Company
|
1-Year Pay ($mil)
|
5 Year Pay ($mil)
|
Shares Owned ($mil)
|
Age
|
Efficiency
|
1
|
UnitedHealth
Group
|
101.965
|
120.472
|
111.4
|
58
|
-
|
|
2
|
Qwest
Communications
|
65.80
|
75.003
|
36.3
|
64
|
-
|
|
3
|
Walt
Disney
|
53.32
|
147.08
|
43.4
|
60
|
-
|
|
4
|
Express
Scripts
|
51.52
|
100.21
|
79.5
|
56
|
-
|
|
5
|
Coach
|
49.45
|
137.87
|
133.9
|
65
|
86
|
|
6
|
Polo
Ralph Lauren
|
43.00
|
155.25
|
3,417.8
|
71
|
74
|
|
7
|
Gilead
Sciences
|
42.72
|
204.24
|
76.8
|
59
|
72
|
|
8
|
Anadarko
Petroleum
|
38.94
|
97.38
|
24.6
|
57
|
93
|
|
9
|
Cisco
Systems
|
37.90
|
170.34
|
58.0
|
61
|
190
|
|
10
|
Verizon
Commun
|
36.75
|
130.19
|
76.5
|
64
|
163
|
- See more at:
http://www.forbes.com/lists/2011/12/ceo-compensation-11_rank.html#sthash.3n5YzbUf.dpuf
That $11 million per CEO is significant and some say as much as
half our money spent on health care is wasted. Plenty of places to point
fingers.
Health care costs continue to rise whether Obamacare comes or not. We spent about $2.6 trillion in 2010.
Hospital services and physicians make up about 51% of that. Prescription
another 10%. $407 billion was the net cost of administration of private health
insurance, public health activity, research, buildings and equipment. And Technology
is a biggy.
If Obama had not decided to play ball with the powers that be in
medical care in this country we likely could have saved billions, but we wouldn’t
want to do that would we? We don’t believe in single payers systems, let’s just
make the fat cats fatter.
CEO with Health Care Worker?
Small wonder CEOs love the free market.
ReplyDelete