For decades, Big Pharma has insisted that its outrageous price gouging is necessary to cover the costs of research and development.

• Never mind that much of the research and development behind new drugs is done at public universities and government agencies that are supported by American taxpayers.

• Never mind that Big Pharma is somehow able to charge less — yet still stay in business — in every other rich country.

• Never mind that a lot of what the pharmaceutical giants spend on “R&D” actually goes to suppressing competition from generics.

A new report from a member of Congress (Rep. Carolyn B. Maloney, New York) should bust Big Pharma’s “R&D” myth once and for all.

From 2016 to 2020, the 14 top pharmaceutical companies spent $56 billion — that’s billion with a ‘b’ — MORE on stock buybacks and dividends than they did on research and development.

For comparison, Public Citizen has calculated that it would take $25 billion — not even half of what Big Pharma spent enriching shareholders over the past five years — to vaccinate enough people around the world to end the global COVID-19 pandemic.

Tell the CEOs of the major pharmaceutical companies:

The jig is up. You spend more enriching your stockholders and yourselves than you do coming up with new medicines. Your days of holding us all hostage to your immoral price gouging are numbered.

Add your name.

Thanks for taking action.

For progress,

- Robert Weissman, President of Public Citizen

P.S. For half a century, Public Citizen has been advancing policies that put the needs of everyday Americans before the greed of billionaires and Big Business. That legacy of progress and that ongoing work could not matter more right now, as our nation transitions to a Joe Biden presidency that will be as progressive as we — you and Public Citizen, together — make it. We’re also busy undoing all the damage Trump did. And, like so many nonprofits and small businesses, we continue to experience financial strain related to the coronavirus pandemic. If you can, please make an emergency donation today to support the critical work we’re doing together or even join our popular Monthly Giving program. Thank you.
 
 
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