BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
Turns out, they’re helping themselves. Nine drug companies are spending their $50 billion windfall to boost stock prices through share buyback programs, according to Axios. So rather than invest in helping employees or patients or even research, that money is boosting hedge funds and top executives.
Axios also notes that after the tax bill’s passage, some companies increased quarterly dividends for investors.
And consider the timing: These stock buyback programs and other payouts to investors are coming even as drug companies raise prices and consumers continue to struggle to pay the high costs of their medications.
As we’ve reported before, lowering the cost of prescription drugs is one of the top health care concerns in the U.S.
What do you think about how Pharma is spending its corporate windfall? Do you struggle with high drug costs? Share your story with Voices for Affordable Health.