KEY TAKEAWAY: After raising prices on all its drugs in 2017 Pfizer has given their CEO a total 2017 compensation that spiked up 61% to $27.9 million. At the same time Allergan rewarded its CEO Brent Saunders with a $32.8 million pay package—an eightfold increase over 2016. Despite PhRMA’s social media blast about the root cause of drug prices the media have pharma in their sites once again.
Posts, like the one above, are all over social media as the media jumps on the news of the compensation packages for Pfizer and Alergan’s CEOs. Just look at what Robert Reich had to say (below)
The message that “middlemen” are partly to blame for high drug prices is being lost because big pharma keeps showing the middle finger at the public. Take Allergan for example: Allergan ended 2017 facing heaps of criticism, with its ill-fated tribal licensing deal at the center, shares were down, job cuts were announced, yet they reward their CEO with $31 million?
We all know the good that pharma is doing by developing drugs that help people maintain a good quality of life, but today people are angry at everything and pharma continues to fan the flames of “you’re responsible” for high drug prices even though that is only partly true.
Until a pharma executive steps forward to cut the red tape between those who can’t afford drugs and pharma’s financial help programs we’re going to see more and more stories like this which in turn generate more and more anger.