For as long as I’ve been writing on this website, I’ve argued that the U.S. economy has become little more than a gigantic rent-seeking swindle where much of the wealth being “created” isn’t being created at all. Rather, money is being shuffled around and extracted from the population at large via increasingly elaborate and preposterous schemes. Indeed, it appears much of the nation’s creative energy is being directed at discovering new corporate scams, versus the invention of new goods and services that benefit everyone.
For the latest scheme we turn, unsurprisingly, to the pharmaceutical industry and Allergan in particular. The ploy was revealed by The New York Times last week, and its pretty grotesque.
What follows are excerpts from the article, How to Protect a Drug Patent? Give it to a Native American Tribe:
The drugmaker Allergan announced Friday that it had transferred its patents on a best-selling eye