Biff_Poindexter
Diamond Member
Democrat Katie Porter accuses pharma CEO of inflating drug prices and 'lying' to patients and policymakers — all with the help of her whiteboard
Rep. Katie Porter, who sits on the House Oversight Committee, has become well-known for using her "whiteboard of justice" to grill CEOs.
www.businessinsider.com
"Rep. Katie Porter, a California Democrat, accused AbbVie CEO Richard Gonzalez of lying to Americans and policymakers about why the pharmaceutical giant has dramatically increased the prices of some of its most popular drugs during a Tuesday House Oversight Committee hearing. Using a whiteboard and paper cut-outs to illustrate her points, Porter argued that the pharma company falsely claimed that it raised the prices of its drugs in order to fund increased investments in research and development.
The House Committee released a report on Tuesday finding that AbbVie raked in billions in revenue by raising the prices of two of its drugs — Humira and Imbruvica — by over 470% with 27 individual price increases, according to the report. AbbVie has earned more than $20 billion in revenue annually for the last three years for Humira alone, making it the pharma industry's best-selling drug."
As usual, instead of praising this company for their innovative solutions and market expertise; they attack them for their success. Who cares if that company lied about how much they spent on R&D and claimed that was the reason they raised their prices by 400% -- who cares that they only spent just 2.5 billion on R&D while spending almost 55 billion on marketing and stock buybacks -- what this congresswoman was doing was attacking the free market and trying to shame these people because as with most communist Dems -- they want government to place price controls on drug prescriptions; which would destroy R&D and basically cause companies to go out of business and then there will be no medicines anymore.
