36 online
Most Popular Choices
Share on Facebook 32 Printer Friendly Page More Sharing
OpEdNews Op Eds   

Rep. Katie Porter grills executive about the lying thievery of the pharmaceutical company. My Take!

By       (Page 1 of 2 pages)   No comments
Follow Me on Twitter     Message Egberto Willies
Become a Fan
  (17 fans)

(Image by Egberto Willies)   Details   DMCA

Rep. Katie Porter confronted a CEO about the industry's lies about why drug prices need to be high with visuals. It's stunning.

Congresswoman Katie Porter grills a lying Big Pharma Executive

See full episodes here.

Big Pharma says they need to charge astronomical prices to pay for research and development. Yet, the amount they spend on manipulating the market to enrich shareholders completely eclipses what's spent on R&D. Today, Rep. Katie Porter confronted a CEO about the industry's lies with visuals. And it did not go too well for him.

Katie Porter grilled AbbVie CEO, Richard Gonzalez. He was purposely unprepared. The problem is the truth proves that pharmaceutical companies are no more than legalized thieves and swindlers.

Big Pharma companies always claim that the reason high drug prices are necessary are because of research and development and innovation. The numbers identified by Katie Porter prove that it is a lie.

After all, since 2003, AbbVie has raised the price of its drug Humira, which is used to treat rheumatoid arthritis and Chron's, among other autoimmune and gastrointestinal illnesses, by over 470% with 27 individual price increases, according to the report. AbbVie has earned more than $20 billion in revenue annually for the last three years for Humira alone, making it the pharma industry's best-selling drug.

In the period she examined, she showed that the company invested a little more in research and development as it did in legal expenses, $2.44 Billion and $1.6 Billion. They spent over $4.7 Billion in advertising. Almost twice as much as in research and development. Executive compensation was about $.3 Billion.

The obscenity comes from the amount they spend on stock buybacks and dividends. It turned out to be about $50 Billion. It dwarfs all expenses. This proves that drug companies use pharmaceutical products as the conduit to steal money from most of us and give it to a few for drugs that most times are developed originally by the taxpayers. In other words, we pay to develop the drugs, and then we are robbed blind to use what we originally developed. How much longer are we going to give politicians license to enable the pharmaceutical industry to not only rip us off but ultimately kill us.

My Books, "It's Worth It: How to Talk To Your Right-Wing Relatives, Friends, and Neighbors" & "As I See It: Class Warfare: The Only Resort To Right Wing Doom" support (1) communication techniques & (2) our Progressive message delivery.

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Rate It | View Ratings

Egberto Willies Social Media Pages: Facebook Page       Twitter Page       Linked In Page       Instagram Page

Egberto WilliesEgberto Willies is a political activist, author, political blogger, radio show host, business owner, software developer, web designer, and mechanical engineer in Kingwood, TX. Visit his podcast here. Egberto is an ardent Liberal that believes tolerance is essential. His favorite phrase is "political involvement should be a requirement for citizenship". He believes that we must get away from the current policies that reward those who simply move money/capital and produce nothing tangible for our society. If a change in policy does not occur, America will be no different than many (more...)
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Trump Effect: TV Producer to neighbor 'Your son is dating a f*cking n**ger'

What happens when Trump supporters realize they've been had?

This is how one responds to Right Wing Hacks in Real Time - Good job Don Lemon

Black & brown people joining 2nd Amendment Movement may save America

Trump Effect: New Kingwood, TX business model: Lawn Care by 'White People' U.S. Citizens (VIDEO)

O'Donnell turns Trump stunt into GOP excoriation & Democratic narrative win (VIDEO)

To View Comments or Join the Conversation:

Tell A Friend