#GOPTaxScam Gives Big Breaks to Drug Companies Hiking Prices

May 23, 2018
Blog

You’ll be seeing drug prices falling very substantially in the not-too-distant future,’ President Trump promised the American people over and over again.

However, in the first year of the Trump Administration, 16 of the 20 most-used prescription drugs in the U.S. actually soared in price by mostly double digits, generating a jaw-dropping $81.8 billion for big pharma and forcing sick Americans to pay more for their prescription drugs.

Instead of advocating for ‘falling’ drug prices for everyone, the President and Republicans in Congress passed a deficit-exploding GOP tax scam handing multi-billion dollar windfalls to the pharmaceutical companies still hiking drug prices on Americans.

In fact, the same companies that are raising prescription drug prices have pocketed billions from the GOP tax scam.  Here are some examples:

COMPANY DRUG PRODUCT DRUG PRICE:

PERCENT INCREASE IN 2017

ESTIMATED 2017 FINANCIAL BENEFIT FROM GOP TAX SCAM
Pfizer Lyrica: Used for nerve & muscle pain 29% $24.4 billion
AbbVie Humira: Used for arthritis 19% $4.1 billion
Amgen Enbrel: Used for arthritis 19% $1.2 billion
Merck Januvia: Used for diabetes 18% $779 million
Amgen Neulasta: Used for cancer 15% $1.2 billion
Gilead Sciences Genvoya: Used for HIV 14% $308 million

 

In an empty proposal that demands no accountability from the drugs companies raising prices on seniors and families, President Trump exposed the reality of the GOP’s agenda – a plan to raise Americans’ health costs and hand even bigger handouts to wealthy pharmaceutical companies.

While the GOP Congress makes pharmaceutical companies richer, Democrats have made bold action to crack down on prescription drug prices a top priority – making it one of the first solutions called for in A Better Deal: Better Jobs, Better Wages, Better Future.