Senate Report Exposes Big Pharma’s Profiteering at Americans’ Expense
PharmaNewsIntelligence On February 6, 2024, the United States Senate's Health, Education, Labor, and Pensions (HELP) Committee published a Majority Staff Report highlighting the issue of exorbitant drug prices in the United States. It focuses on the business practices of three major pharmaceutical companies — Johnson & Johnson (J&J), Merck, and Bristol Myers Squibb (BMS). The report reveals...The median launch prices for innovative drugs have skyrocketed, with a staggering increase from $14,000 between 2004 and 2008 to $238,000 in recent years. These relentless price hikes strain the overall healthcare system and burden patients, who often face the choice of shouldering exorbitant costs or forgoing essential treatments. Patent Strategies The report exposes...In 2022, J&J allocated $17 billion toward stock buybacks and dividends while only dedicating $14 billion to R&D efforts. The company’s CEO, Joaquin Duato, also received $13.1 million in total compensation that year. Merck's CEO Rob Davis’ total yearly compensation is $18.65 million, with 8.2% as salary and 91.8% as bonuses, including company stock and options....
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