Henry sez, "Harvard Library's Faculty Advisory Council is telling faculty that it's financially 'untenable' for the university to keep on paying extortionate access fees for academic journals. It's suggesting that faculty make their research publicly available, switch to publishing in open access journals and consider resigning from the boards of journals that don't allow open access."
Harvard’s annual cost for journals from these providers now approaches $3.75M. In 2010, the comparable amount accounted for more than 20% of all periodical subscription costs and just under 10% of all collection costs for everything the Library acquires. Some journals cost as much as $40,000 per year, others in the tens of thousands. Prices for online content from two providers have increased by about 145% over the past six years, which far exceeds not only the consumer price index, but also the higher education and the library price indices. These journals therefore claim an ever-increasing share of our overall collection budget. Even though scholarly output continues to grow and publishing can be expensive, profit margins of 35% and more suggest that the prices we must pay do not solely result from an increasing supply of new articles.
The Library has never received anything close to full reimbursement for these expenditures from overhead collected by the University on grant and research funds.
The Faculty Advisory Council to the Library, representing university faculty in all schools and in consultation with the Harvard Library leadership, reached this conclusion: major periodical subscriptions, especially to electronic journals published by historically key providers, cannot be sustained: continuing these subscriptions on their current footing is financially untenable. Doing so would seriously erode collection efforts in many other areas, already compromised.
Faculty Advisory Council Memorandum on Journal Pricing (Thanks, Henry!)