Drug Companies Spend Trump Tax Cut Enriching Their Executives, Laying Off Workers, Reducing Research, Hiking Up Drug Prices 200%

Former U.S. Secretary of Labor Robert Reich explains in a new video how pharmaceutical companies are using their Trump corporate tax cut to line their own wallets, lay off employees, reduce research and raise the prices of twenty prescription drugs by over 200 percent:

Pharmaceutical companies are using their savings from Trump’s corporate tax cut to buy back shares of their own stock, enriching executives and wealthy investors as prescription drug prices continue to skyrocket.

According to a new investigative report by Sen. Cory Booker’s (D-NJ) office into the pharmaceutical industry’s practices, since the tax law went into effect, drug makers have already announced plans to spend $45 billion buying back their own stock…

Money spent on (stock) buybacks doesn’t lead to new cures or treatments. Stock buybacks don’t bring down drug prices, they don’t make Americans healthier…

At the same time, drug companies, including Pfizer, continue to jack up prices. In the last 14 months, twenty prescription drugs saw their prices rise by more than 200 percent.

Big Pharma wants us to believe that its costs are driven by expensive research and development when, in reality,, companies are spending more on stock buybacks… 

It’s a two part scam. Pharma executives gouge the public with higher drug prices while Trump and Republicans line their pockets with bigger tax cuts. This is the reality of trickle-down economics in America.

(Source: Now This via Robert Reich/Facebook)

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