Senator says pharma should’ve cut prices with tax savings, but many companies went the other way | FiercePharma

Booker’s staff researched the top 10 U.S. drug companies by 2016 pharma sales: Pfizer, Merck, Johnson & Johnson, Gilead Sciences, AbbVie, Amgen, Bristol-Myers Squibb, Eli Lilly, Celgene and Mylan. The team reviewed fourth-quarter conference call transcripts and found that many pharma executives discussed pricing generally or acknowledged that patients struggle with costs, but that none discussed plans to lower prices in response to tax reform.

A spokeswoman for industry trade group PhRMA said Booker’s report “buries the lede.”

The companies were “cherry picked for inclusion” in the report—at least partly because of their spending on buybacks—but even those companies “committed at least $23 billion to research and development and capital projects, such as new U.S. manufacturing facilities that will drive domestic economic development and job growth and billions more to unspecified projects.”

“This investment builds on the 376,000 jobs supported directly and indirectly by the biopharmaceutical industry in New Jersey alone,” PhRMA’s statement said. Outside of the companies mentioned in the report, others “have publicly reported doing still more to increase their investments in the United States,” according to the industry group.

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Senator says pharma should’ve cut prices with tax savings, but many companies went the other way | FiercePharma.

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