Sen. BernieSanders: The greed of Big Pharma cannot continue
and 435 members of the House, the pharmaceutical industry has more than 1,800 well-paid lobbyists on Capitol Hill. These include former leaders of the Democratic and Republican parties.
In February, the HELP Committee launched an investigation into the greed of the pharmaceutical industry and the excessive compensation packages they pay their CEOs. We found that in 2021, while hundreds of thousands of Americans died from COVID-19, 50 drug company executives in just ten companies made $1.9 billion in total compensation and are in line to receive up to $2.8 billion in golden parachutes once they leave their companies.
That same month I asked the Biden administration to reconsider its decision to reject a petition from cancer patients to substantially lower the price of the prostate cancer drug Xtandi by allowing companies to manufacture generic versions of it at a much lower price. This is a drug that was invented with taxpayer dollars by scientists at UCLA and can be purchased in Canada for one-fifth the U.S. price.
Further, while insurance companies make tens of billions a year in profits, we have a major shortage of doctors, nurses, dentists and mental health practitioners. Even with decent insurance it is increasingly difficult for many patients to arrange timely visits with their doctors.
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