For more than two years, @OversightDems have been investigating the pharmaceutical industry’s pricing and business practices
Today, we are releasing our seventh staff report.
The findings are shocking. This is what we know ⬇️
Today, we are releasing our seventh staff report.
The findings are shocking. This is what we know ⬇️
The staff report analyzed financial data from 14 of the largest drug companies, evaluating how much they spent to enrich investors and executives, the amount spent on R&D, and the potential impact of Medicare price negotiations.
bit.ly/3jSu7do
bit.ly/3jSu7do
From 2016 to 2020, the 14 leading drug companies spent $577 billion on stock buybacks and dividends—$56 billion more than they spent on R&D over the same period.
These 14 companies are projected to spend $1.15 trillion on buybacks and dividends from 2020 through 2029.
This is more than TWICE the amount the Congressional Budget Office projected would be saved by H.R. 3 over the same period!
This is more than TWICE the amount the Congressional Budget Office projected would be saved by H.R. 3 over the same period!
From 2016 to 2020, compensation for the 14 companies’ top executives totaled $3.2 billion, with compensation growing by 14% over that five-year period.
Many drug companies spent a significant portion of their R&D budget on finding ways to suppress generic and biosimilar competition while continuing to raise prices, rather than on innovative research.
Today’s staff report release has made the need for H.R. 3, the Elijah E. Cummings Lower Drug Prices Now Act, clear.
H.R.3 would address these findings by empowering Medicare to negotiate directly with drug companies to lower prices for Americans who rely on prescription drugs.
H.R.3 would address these findings by empowering Medicare to negotiate directly with drug companies to lower prices for Americans who rely on prescription drugs.
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