Rep. Katie Porter unleashes whiteboard on large pharma government over skyrocketing drug costs

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In the course of the listening to, Porter requested Gonzalez how a lot cash AbbVie spent on dividends and inventory buybacks. Gonzalez didn’t have a selected quantity accessible to supply, so Porter equipped her personal, saying that the corporate spent $50 billion between 2013 and 2018 on shares to assist shareholders. Compared, the corporate contributed a much smaller quantity to analysis and improvement. Thoughts you, analysis and improvement is the a part of the corporate that really improves medication.

Porter described “the Large Pharma fairy story” as targeted on progressive analysis and improvement that theoretically justifies the excessive costs of those medicines, however, as she put it, “the pharma actuality is that you simply spend most of your organization’s cash earning profits for your self and your shareholders.”

“You are not sincere about that with sufferers and policymakers,” Porter continued. “You are feeding us lies that we should pay astronomical costs to get ‘progressive’ remedies. The American individuals, the sufferers, deserve so a lot better.”

Porter additionally requested Gonzalez to share how a lot the corporate paid its executives. Gonzalez mentioned executives have been compensated with about $60 million per yr—a really staggering quantity. The quantity Porter provided was much more staggering, bordering on the surreal: a cool $334 million. 

Right here is that video.

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We’ve seen Porter completely skewer an oil government who tried to clarify tax legislation to her. We’ve seen her whiteboard beforehand, too, when she reminded a giant pharma government simply how a lot of his large wage—to the tune of $13 million—got here from outrageously costly most cancers therapy medication. Again in March, we additionally noticed Porter push Chief of the Facilities for Illness Management and Prevention Dr. Robert Redfield to promise that every one testing for the novel coronavirus could be free no matter insurance coverage protection. She’s annihilated former Trump Treasury Secretary Steve Mnuchin throughout a listening to about taxpayer funds amid the pandemic. She’s additionally taken to Twitter to call out Republicans like Mitch McConnell when time was of the essence.

Briefly, Porter taking a stand is nothing new, nevertheless it continues to be inspiring, and it’s a degree of dedication to the American public that her friends on either side of the aisle ought to aspire to. 

Right here’s a clip of that video on YouTube.