SUMMARY: “You’re spending all this money to make sure you make money rather than spending money to… help patients,” the California congresswoman told AbbVie’s, Richard Gonzalez. “. That was pretty brutal, but to was right on target by Rep Katie Porter. While AbbVie is a poster for everything wrong with pharma, what they have done doesn’t apply to ALL pharma companies.
QUICK THOUGHT: Pfizer has already made $24 billion from their COVID vaccine, but that’s not enough; they want more, a lot more. They are planning to increase the vaccine price, and they’re working on an oral pill that could bring in as much as an additional $2 billion. While the U.S. Government didn’t pay for development, the German Government did. It is about providing a need at one hell of a profit margin.
WHAT”S UP WITH THAT: A quick analysis of two pharma websites shows that Facebook, and others, are tracking users. Does pharma even know or care?
QUICK READ:There are times when I really want to quit working in the industry and the latest news about pharma is aiming at U.S. lawmakers to stop the global push to lift intellectual property through a waiver for Covid vaccines is just the latest.
QUICK READ: Pfizer has already announced a price increase to the EU for their Covid Vaccine. With a CEO who earns more than $20 million annually and the potential for billions in profit Pfizer is reminding us that Wall Street is once again their primary customer.
QUICK READ: The compensation for pharma CEOs is starting to be reported and it’s off the charts. Bob Bradway of Amgen bagged a $20.1 million compensation package in 2020, a slight increase from his $19.6 million total the previous year. Pfizer CEO Bourla’s Pay Climbed 17% to $21 Million in 2020 and Gilead Sciences CEO Daniel O’Day earned a $19 million take home. This has to end.
SUMMARY: Johnson & Johnson and AstraZeneca publicly committed to not profiting off their products during the pandemic; Pfizer and Moderna made no such pledge and are already planning ways to make more money from their Covid vaccines.
SUMMARY: Pharma companies, like J&J, have received criticism for engaging in illegal activities, such as providing kickbacks and bribes, knowingly shipping adulterated or contaminated drugs to pharmacies, and marketing drugs for unapproved uses. Johnson & Johnson has paid $2.7 billion in penalties. Can a COVID-19 vaccine approval suddenly erase that?