by Lee Camp
Goldman Sachs has outdone itself this time. That’s saying a lot for an investment firm that both helped cause and then exploited a global economic meltdown, increasing its own wealth and power while helping to boot millions of Americans out of their homes.
But now Goldman Sachs is openly saying in financial reports that curing people of terrible diseases is not good for business.
I wish this were a joke. It sounds like a joke. In fact, I’ll show you later that it used to be one of my favorite jokes. But first, the facts.
In a recent report, a Goldman analyst asked clients: “Is curing patients a sustainable business model?” Salveen Richter wrote: “The potential to deliver ‘one-shot cures’ is one of the most attractive aspects of gene therapy. … However, such treatments offer a very different outlook with regard to recurring revenue versus chronic therapies. … While this proposition carries tremendous value for patients and society, it could represent a challenge for genome medicine developers looking for sustained cash flow.”