This is just plain wrong, Andy, and I hope you'll correct it. US & NZ are the only countries that **allow drugs to be marketed directly to consumers**. Almost all countries allow businesses to deduct advertising expenses.
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Good catch Anthony. Physician marketing, honoraria, educational promotion, “educational trips”, “continuing education”, & trade marketing are all tax deductible in many places. There are bills 2 make consumer advertising non-deductible. And others to outlaw them again in the US.
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Advertising is a legitimate cost of doing business and should remain deductible in any rational economy, no matter what the corporation is selling. Whether drugs should be advertised directly to consumers is another (very good) question.
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I appreciate your opinion. Capping and eliminating deductions are legitimite policy tools.
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Why on earth would US taxpayers subsidize drug ads?
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Good question.
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They are banned in Europe.
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True, it's not allowed to advertise drugs, only non prescription drugs like paracetamol
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and even advertising for non-prescription drugs is highly regulated (eg HWG in Germany, AWG Austria, AWV Switzerland etc) ->https://www.theguardian.com/media/2002/oct/23/advertising.marketingandpr …
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I like how the American system is used as an example of a system you absolutely shouldn't want.
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Welcome to corpocracy. Where the latest loophole is just waiting to be bought by a special interest.
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Tax deductibility of a business expense isn't a "loophole," it's just how taxes work. Making it not deductible in this case would be a bizarre narrow special rule that only applied to drug companies.
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Considering the US government is the largest payer of healthcare in the country it stands to reason that containing costs is a reasonable goal.
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I'm all for reducing medical costs, but I'm highly skeptical that the original tweet is true in any meaningful way. Most of the people replying have no idea what it would mean if true.
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Have said this for years... stop pushing drugs to consumers on TV.
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