![]() As a result, Moderna made $19 billion in profits over the past two years and its CEO (Stephane Bancel) became a billionaire who is now worth over $6 billion. taxpayers to research and develop the COVID-19 vaccine and billions more to distribute it to the American people. This is a company that received $1.7 billion from U.S. Over the past decade, 14 major pharmaceutical companies spent $747 billion not to make life-saving drugs more affordable, but to make their wealthy shareholders richer by buying back their own stock and handing out huge dividends – a sum that is $87 billion more than what they spent on research and development.Įxamples of corporate greed within the pharmaceutical industry are limitless. made nearly $80 billion in profits last year (a 104% increase from the previous year) while the CEOs of just 13 pharmaceutical companies made over $1 billion in total compensation in 2021. Meanwhile, as Americans die because they cannot afford the medications they need, five of the largest drug companies in the U.S. The situation has become so absurd that Pfizer donated a million dollars to the Republican Party in Kentucky to expand its headquarters named after Senator Mitch McConnell, after Pfizer increased its profits by 140% in 2021 to $22 billion. Incredibly, last year, the drug companies hired over 1,700 lobbyists including the former congressional leaders of both major political parties – over 3 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 buy politicians. The answers can be summed up in three words: Follow the money. How is it that in Canada and other major countries the same medications manufactured by the same companies, sold in the same bottles are available for a fraction of the price that we pay in the United States? There, they were able to purchase the same insulin products they bought in the United States for one-tenth the price. Several years ago, I took a busload of people with diabetes from Detroit, Michigan, to a drugstore in Windsor, Ontario. Why do nearly half of all new drugs in the United States cost more than $150,000 a year?
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