‘Killer Profits’: How Big Pharma Hoards Money, Harms Patients • Children’s Health Defense

The report, “Killer Profits: How Big Pharma Takeovers Destroy Innovation and Harm Patients,” begins by noting that “in just 10 years, the number of large, international pharmaceutical companies decreased six-fold, from 60 to only 10.”

“In 2018, the year that [former President] Donald Trump’s tax giveaway to the wealthy went into effect, 12 of the biggest pharmaceutical companies spent more money on stock buybacks than on research and development,” the report notes.

Instead of producing lifesaving drugs for diseases with few or no cures, large pharmaceutical companies often focus on small, incremental changes to existing drugs in order to kill off generic threats to their government-granted monopoly patents.

Congress should pass legislation, such as the Preserve Access to Affordable Generics and Biosimilars Act, the Affordable Prescriptions for Patients Through Promoting Competition Act, and the Stop STALLING Act, to stop abuses of the regulatory process.

‘Killer Profits’: How Big Pharma Hoards Money, Harms Patients • Children’s Health Defense