Big Pharma’s Business Model: Corporate Greed
WASHINGTON, Feb. 6 – Sen. Bernie Sanders (I-Vt.), Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP) released today a new report detailing the rigged system that allows Big Pharma to charge Americans the highest prices in the world for prescription drugs.
The HELP Committee Majority Staff uncovered how three U.S. pharmaceutical companies — Johnson & Johnson, Merck, and Bristol Myers Squibb — profit at the expense of the American people. The report documents how these companies make billions of dollars by charging Americans the highest prices in the world. The profits they make selling some drugs in the U.S far exceeds the money they make in the rest of the world combined. The report also systematically analyzes the launch prices of innovative prescription drugs sold by Johnson & Johnson, Merck, and Bristol Myers Squibb since 2004 to reveal how these companies are charging exponentially higher prices in the U.S. than they did twenty years ago.