Those 50 pharmaceutical executives are also in line to receive golden parachutes amounting to more than $2.8 billion when they depart the companies. In 2021 alone, 50 top executives in these 10 pharmaceutical companies took home over $1.9 billion in compensation and stock awards. Ten of the top pharmaceutical companies in the U.S.-AbbVie, Pfizer, Johnson & Johnson, Eli Lilly, Merck, Moderna, Bristol-Myers Squibb, Amgen, Gilead Sciences, and Regeneron Pharmaceuticals-made a total of more than $102 billion in profits in 2021-a 137% increase from the previous year. "Between the years 20, drug companies in this country made over $8 trillion. "Meanwhile," said Sanders, "as Americans die because they cannot afford the medications they need, the pharmaceutical industry makes higher profits every year than other major industries, year after year after year." Incredibly, last year, the drug companies hired over 1,700 lobbyists including the former congressional leaders of both major political parties-over three pharmaceutical industry lobbyists for every member of Congress. Over the past 25 years, the pharmaceutical industry has spent $8.5 billion on lobbying and over $745 million on campaign contributions to get Congress and the government to do its bidding. In fact, they can be summed up in three words-unacceptable corporate greed. The answers to these questions are not complicated. "How does it happen that in Canada and other major countries, same exact same medications, manufactured by the same exact companies, are sold for a fraction of the price that we pay in America?"Īccording to a new HELP Committee report: "How does it happen that nearly half of all new drugs in the United States cost more than $150,000 a year?" Sanders asked. ![]() "Why is it, people are asking, that nearly 1 out of every 4 Americans cannot afford the prescriptions their doctors write?" he added. ![]() the highest prices in the world for prescription drugs?" Speaking on the Senate floor Wednesday, Sanders, who chairs the Senate HELP Committee, said the American people want to know "how does it happen that in the United States we pay by far. taxpayers gave his company billions of dollars to research, develop, and distribute its Covid-19 vaccines"-urging the CEO to "refrain from more than quadrupling the price of the vaccine to as much as $130 while it costs just $2.85 to manufacture." ![]() Last month, Sanders wrote to Bancel-who according to the committee "became a billionaire after U.S. Bernie Sanders said Wednesday that Moderna CEO and Covid-19 billionaire Stéphane Bancel will testify next month before the Senate Health, Education, Labor, and Pensions Committee, including about how his company considered quadrupling the price of a coronavirus vaccine developed with billions of dollars in public funding.
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