Despite Saving Billions In Taxes, Big Pharma Chose Not To Lower Drug Prices

Drug prices are skyrocketing, pharmaceutical companies receive huge tax cuts, and the opioid epidemic continues.

In October 2017, Trump declared the opioid epidemic a national emergency. In his speech, Trump noted that last year "more than 11 million [Americans] abused prescription opioids" and that opioid overdoses now make up the majority of drug-related deaths in the U.S. Read the full story here:

In 2018, four large drug companies saved $7 billion in taxes thanks to Trump's tax cuts. The four pharmaceutical companies include Pfizer, Merck, Johnson & Johnson, and Abbott Laboratories. The money saved in taxes has thus far not led to other social goods, such as lowered drug prices. Read the full story here:

Pharmaceutical companies are facing scrutiny over rising drug prices. Specifically, the price of insulin has tripled over 11 years. Representative Jan Schakowsky (D-IL.) told the executives: "I don't know how you people sleep at night." Read the full story here:

In an unprecedented move, House Republicans have warned drug companies not to comply with an investigation into drug prices. The investigation is being carried out by the House. House Oversight Committee Republicans sent letters to dozens of drug companies saying that the investigation would be used to bring down company stock prices. Read the full story here:

Comments (1)
No. 1-1
henryfacosta
henryfacosta

Vote Blue to charge these businesses higher taxes that we can use for subsidies for those that can't pay high prices for life saving drugs like insulin or for cancer treatment. You could be next.