Big Pharma's favorite talking point is that without the high prices they charge, they would not be able to produce life-saving drugs.
This is a lie.
Our 2-year @OversightDems investigation, started by the late Chairman Cummings, now has the internal docs showing why 🧵👇
This is a lie.
Our 2-year @OversightDems investigation, started by the late Chairman Cummings, now has the internal docs showing why 🧵👇
1. From 2016-2020, the 14 biggest drug makers spent $56 BILLION more on stock buybacks and dividends than R&D.
$56B more to enrich execs & investors instead of developing & improving medications.
They're projected to spend $1.15 trillion on buybacks & dividends from 2020-2029.
$56B more to enrich execs & investors instead of developing & improving medications.
They're projected to spend $1.15 trillion on buybacks & dividends from 2020-2029.
2. When you and I think "research & development," we think about innovation to produce new drugs or improve existing ones.
But, many of these companies spent significant portions of their "R&D" budgets on suppressing generic or biosimilar versions of their drugs from coming out.
But, many of these companies spent significant portions of their "R&D" budgets on suppressing generic or biosimilar versions of their drugs from coming out.
By abusing patents, by slightly tweaking how a drug is made or administered, they are able to keep prices high while providing minimal to no added benefit to patients.
They spend billions on this and claim it's a necessary part of their life-saving research.
They spend billions on this and claim it's a necessary part of their life-saving research.
3. Between 2016 and 2020 the top 14 Big Pharma execs made $3.2B. That's more than a quarter-billion on average per company. And it grew by 14% over that time.
Could price increases be avoided if they weren't so greedy?
Could any of that money be used on real R&D?
Could price increases be avoided if they weren't so greedy?
Could any of that money be used on real R&D?
So what can we do about this?
1. Pass H.R. 3, the Elijah E. Cummings Lower Drug Prices Now Act. Right now drug companies set prices and Medicare has no ability to negotiate them down. Other fed health programs, like the VA, that are able to negotiate, pay significantly less.
1. Pass H.R. 3, the Elijah E. Cummings Lower Drug Prices Now Act. Right now drug companies set prices and Medicare has no ability to negotiate them down. Other fed health programs, like the VA, that are able to negotiate, pay significantly less.
2. Crackdown on abuses of our patent system that discourage competition and keep prices high.
I have already taken actions like requesting the @FTC investigate @abbvie to determine whether their egregious anticompetitive behaviors violated the law.
oversight.house.gov/news/press-rel…
I have already taken actions like requesting the @FTC investigate @abbvie to determine whether their egregious anticompetitive behaviors violated the law.
oversight.house.gov/news/press-rel…
But to do any of this, I need your support! Please share this thread to dispel Big Pharma’s lies and to show all of Congress that the American people demand action.
You can find @OversightDems full report below: oversight.house.gov/news/press-rel…
You can find @OversightDems full report below: oversight.house.gov/news/press-rel…
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