Protect Our Care, Greed Watch, February 28, 2024
Protect Our Care is releasing a new report detailing pharmaceutical companiesā sky-high revenues as they continue charging unaffordable prices to patients. The report found thatĀ in 2023, 16 of the largest drug companies raked in $684 billion, and they spent $106 billion rewarding shareholders.Ā For too long, drug companies have been allowed to charge whatever they want, gouging patients to the point thatĀ more than 1 in 3Ā Americans report cutting pills or skipping doses because they canāt afford their medication.
Many of the drugmakers highlighted in the report are the same companies in court now to stop Medicareās ability to negotiate lower drug prices under the Inflation Reduction Act. Drug companies have also been working behind the scenes with Republican lawmakers to repeal all of the Inflation Reduction Actās provisions to make prescription drugs more affordable for millions of seniors. Big drug companies claim that the new law to make drugs more affordable will harm patients, but in reality, theyāre telling investors the opposite and spending billions on rewarding their investors through stock buybacks and dividends, paying their executives millions, and spending millions lobbying to keep their prices high.
Key Points:
- Protect Our Care followed the 2023 earnings reports of 16 drug companies.
- These 16 companiesĀ reportedĀ $684.1 billion in total global revenueĀ and haveĀ announced dividend payments and stock buybacks totaling $105.9 billion.
- The seven publicly held companies currently suing to ban Medicare from negotiating lower drug prices reportedĀ $343 billion in revenue. Those same companies reported shareholder compensation in the form of stock buybacks and dividends totaling $53 billion.
full report:
https://www.protectourcare.org…