Monday, April 17, 2006

GM keeps it up


DETROIT — The little blue pill is leaving General Motors Corp. with a very large bill.

The world's largest automaker, which lost $10.6 billion last year, is shelling out $17 million annually for impotence drugs such as Viagra and Cialis, said GM spokeswoman Sharon Baldwin. While the so-called "lifestyle drugs" make up a small fraction of GM's overall health care costs — now hovering at $5.6 billion each year, or about $1,500 of every vehicle it builds — company executives often use the example to illustrate how out-of-control health care costs have become in America.

GM, which provides health care for 1.1 million employees, retirees and dependents, is the world's largest private purchaser of Viagra, the popular erectile dysfunction drug produced by Pfizer Inc., whose sales reached $1.65 billion last year. The pill is covered under GM's labor agreement with United Auto Workers, as well as benefit plans for salaried workers.

Ford Motor Co. declined to say how much it spends on erectile dysfunction drugs, and a Chrysler spokesman could not provide figures.
Read it all on The Detroit News

6 Comments:

Anonymous Debbie said...

Well, how about that. I knew GM was going under because of health insurance and other huge benefits to their retired employees (and apparently present employees). But that just beats it all, oops, sorry.

Thanks for sharing Doc. I may steal this from you and post it at Right Truth!

2:04 PM  
Blogger The Doc said...

No problem, Debbie. You're always welcome.

3:31 PM  
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