KATIE PORTER: BIG PHARMA FAIRY TALE!

Rep. Porter grills Big Pharma CEO for putting profits before patients

During a recent committee hearing, Congresswoman Katie Porter called out a Big Pharma CEO for spending 3 times as much on stock buybacks than lifesaving research—to the tune of $28,600,000,000.

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Rep. Katie Porter (D-CA) questions the CEO of Abbvie, a pharmaceutical company, about the massive amounts of money spent on stock buybacks and dividends while increasing drug prices during a House Oversight Committee hearing on Tuesday.

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Congresswoman Katie Porter dismantles the argument that high drug prices help fund research and development for new and better drugs. “It’s true that pharmaceutical companies spend money on research and development, but it is not correct that that is the primary reason that they double, and triple and quadruple raising the prices of these drugs - it’s to profit their shareholders,” she says.

A group of mostly Democratic House lawmakers pressed drugmaker AbbVie’s CEO on Tuesday over the increased prices of anti-inflammatory drug Humira and cancer drug Imbruvica in the U.S. in the years since they first became available. AbbVie's Richard Gonzalez faced tough questions from the Oversight and Reform Committee, with Democrats accusing the company of taking advantage of patients and the health care system to charge more for medicine and bring in billions of dollars for revenue and executive bonuses. READ MORE: http://hill.cm/Efh6Cax

 This week, Katie took out her white board to hold a powerful Big Pharma CEO accountable.

This CEO tried explaining that the reason his company’s drugs were so expensive was because of "research and development costs".

So Katie took out her visual aids to show exactly where most of the company’s money was really going: directly into the pockets of investors, shareholders, and executives.

As long as Katie is in Congress, Big Pharma CEOs will always be held accountable for price gouging and putting their paychecks before the American people. Can you add your name to support Katie Porter for Congress and help keep this seat blue?

For far too long, billionaire companies, big banks, wealthy CEOs, special interest groups, lobbyists, and corrupt politicians have used money and influence to bend the rules and call the shots in their favor.

That’s why Katie has always used her time in committee hearings to make members of the public—and the consumers and patients that have been cheated by these companies—feel heard.

Katie will never stop using her voice and her platform to ask questions on behalf of the American people—especially when it comes to holding special interests’ feet to the fire. Sign on to support Katie Porter for Congress and defend her seat against the GOP in 2022.

Thank you for your constant support—and don’t worry, we’ll let you know when the white board comes out again.

—Katie Porter for Congress

PAID FOR BY KATIE PORTER FOR CONGRESS