Hey Britain, pharma ads horrify us, too.
Welcome to the Week in Review.
- Cashing In On A Crisis
- Pfizer, Moderna, Johnson & Johnson, and their executives stand to gain huge fortunes from the pandemic. It’s estimated that each drug corporation will make at least $10 billion in COVID-19 vaccine sales after the federal government invested hundreds of millions of dollars in these vaccines. Company executives are already cashing in, as the CEOs of Pfizer and J&J took home compensation packages of $21 million and $29 million, respectively, while Moderna’s CEO sold nearly $40 million worth of stock. It’s the definition of pandemic profiteering. — (The Guardian)
2. Double Talk
- During an Axios interview, Pfizer CEO Albert Bourla said, “It will be terrible for society if price becomes an obstacle” to getting a COVID-19 vaccine. Yet, Pfizer’s chief financial officer admitted in February that the company is looking at increasing vaccine prices, from $19.50 to as much as $175 per dose after the pandemic period. To Mr. Bourla: Which is it? The decision, and the lives of millions, are in your hands. — (Axios)
3. Colorado Clamps Down
- On Monday, Colorado patient advocate Kris Garcia shared his story in support of establishing a state prescription drug affordability board, which would have the power to evaluate and set upper payment limits on high-priced drugs. Kris relies on a medication that costs $10,000 per vial to manage several bleeding disorders. “I require four vials of this drug every time I get an infusion,” he said. “These shocking costs are [for] just one of the many drugs I need.” — (FOX 31)
4. Greed, Not Need
- Pharma’s argument that high prices are necessary to fuel innovation just doesn’t hold up to scrutiny. Analyses show that the government contributed to the research and development of every new drug approved in the last decade, and that drug prices are far higher than what is needed to recoup R&D costs. Pharma can bring prices down; they just don’t want to. — (National Academy for State Health Policy)
5. Small Businesses Call For Lower Drug Prices
- A new survey revealed 93 percent of small business owners hold the pharmaceutical industry responsible for high drug prices and expensive insurance, and over 80 percent believe the federal government should negotiate with drug companies. Patients and small businesses agree — Congress must address high drug prices now. — (Small Business for America’s Future)