Big Pharma Earnings Season: Record Profits From Patients Being Poured Into Windfall Earnings For Lobbyists
WASHINGTON, D.C. – As some of the biggest and most profitable pharmaceutical companies prepare to announce their fourth-quarter earnings over the coming weeks, Patients Over Pharma released the following statement highlighting how Big Pharma is pouring hundreds of millions of dollars from their record profits into lobbying and influence-purchasing to prevent any meaningful progress to reduce the cost of prescription drugs for patients.
“As Big Pharma’s teams of accountants prepare to announce their latest quarter of massive profits, patients across the country should know that hundreds of millions of their dollars are being spent on D.C lobbyists in a desperate attempt to block any meaningful progress toward bringing down the cost of prescription drugs,” said Eli Zupnick, spokesman for Patients Over Pharma.
“Reporters joining these earnings calls should ask the Big Pharma representatives to explain how they can justify spending hundreds of millions of dollars on lobbying while continuing to jack up the prices they are charging patients for lifesaving drugs.”
The following Big Pharma earnings reports are expected over the coming weeks:
- Jan 28 – Pfizer
- Jan 29 – Novartis
- Jan 30 – Eli Lilly
- Feb 4 – Gilead
- Feb 5 – GlaxoSmithKline
- Feb 6 – Bristol-Myers Squibb
- Feb 7 – AbbVie
Pharmaceutical Industry Spent Record $295 Million On Lobbying In 2019 – Nearly Twice As Much As Next Closest Industry Spender. “Within the sector, the pharmaceuticals/health products industry spent a record $295 million to combat legislation from House Democrats to regulate drug prices, and to fight drug price controls proposed by the Trump administration.” [Center for Responsive Politics, 1/24/20; Center for Responsive Politics, accessed 1/26/20]
Headline: The Hill: “PhRMA spent record-high $29 million on lobbying in 2019.” [The Hill, 1/22/20]
PhRMA Lobbied On More Than 90 Drug Pricing Bills In Last Quarter Of 2019 Alone. “No bill was too small to get PhRMA’s attention: The group lobbied on more than 90 drug pricing bills in the last quarter of 2019 alone, according to recently filed disclosures. Even bills like the Flat Prices Act, which has just eight largely unknown co-sponsors, didn’t escape their gaze.” [Stat News, 1/23/20]