Vermont Business Magazine Senator. Bernie Sanders (I-Vermont) delivered the following statement at a press conference with House and Senate Democrats Thursday ahead of the president's upcoming address on prescription drug prices. Click here to download a video of his statement.
"At a time when corporate America has unprecedented wealth and power, the pharmaceutical industry distinguishes itself as perhaps the most greedy and irresponsible corporate entity.
Last year, five major drug companies made over $50 billion in profit. That is in one year, and the top five CEOs in the pharmaceutical industry made over $113 million in total compensation.
In other words, the pharmaceutical industry and their CEOs are doing phenomenally well. Unfortunately, for the people who desperately need prescription drugs, often to literally stay alive or to ease their pain, those folks are not doing quite so well.
As a result of the incredible wealth and political power of the pharmaceutical industry the American people are forced to pay, by far, not even close, the highest prices in the world for the prescription drugs they need.
This is the way that Washington works. Since 1998, big drug companies spent nearly $4 billion on lobbying and campaign contributions, employing some 1,400 well-paid lobbyists. The other day we learned that Novartis, a major drug company, paid Donald Trump’s lawyer over $1 million to gain access to the president. There are 535 Members of Congress which means there are almost three lobbyists for every member.
One other example. In California the nurses there wanted to lower the cost of prescription drugs in that state. In order to defeat the referendum, the ballot item, drug companies spent over $131 million in one state on one ballot item.
Let’s be clear. There are Americans today – you've heard about that from my colleagues here – who are struggling with cancer, diabetes, heart disease and other life threatening illnesses who are either unable to afford the medicine they desperately need, or they are going into financial crisis for their family in order to pay those bills. That is not what should be happening in a democratic, civilized society.
So I say to the president of the United States who talked a whole lot about high prescription drug prices during the campaign:Mr. President, if you are serious about lowering drug prices, tell Mitch McConnell and Paul Ryan to schedule a vote and pass legislation to allow pharmacists, wholesalers and patients to purchase safe and affordable prescription drugs from Canada and other countries.
Tell the Republican leadership to support the Medicare Price Negotiation Act so that we can do what every other country on Earth us doing and that is negotiate prices with the industry. If we do those things and other ideas that have been presented today, we are finally going to do a service to the American people and lower the outrageous price of medicine. Thank you."
Source: WASHINGTON, May 10 – Sen. Bernie Sanders