Democrats Question Pharmaceutical CEOs on Use of Tax Savings
Democrats Question Pharmaceutical CEOs on Use of Tax Savings
- AuthorsSchakowsky, Rep. Janice D.Pocan, Rep. Mark WilliamGrijalva, Rep. Raúl M.Castor, Rep. KathyCohen, Rep. SteveDeFazio, Rep. Peter A.DeLauro, Rep. Rosa L.Jayapal, Rep. PramilaKaptur, Rep. MarcyKhanna, Rep. RoNapolitano, Rep. Grace F.Pingree, Rep. ChellieRyan, Rep. TimTakano, Rep. MarkWelch, Sen. PeterNorton, Del. Eleanor Holmes
- Institutional AuthorsU.S. House of Representatives
- Subject Area/Tax Topics
- Industry GroupsHealth care
- Jurisdictions
- Tax Analysts Document Number2018-41268
- Tax Analysts Electronic Citation2018 TNT 202-18
Schakowsky and colleagues press Pharma execs on tax dodging, drug pricing, and stock buybacks
October 17, 2018
This week, Congresswoman Jan Schakowsky and 15 of her colleagues sent letters to the CEOs of five large pharmaceutical corporations that benefit from corporate tax breaks and publicly-funded research, demanding answers to the problem of soaring prescription drug prices. The five corporations — Amgen, AbbVie, Eli Lilly, Merck and Pfizer — each benefitted from last year's GOP tax bill, with one-time tax cuts on offshore products ranging from $4 billion (AbbVie) to over $25 billion (Pfizer). The House members wanted to know why, despite receiving massive amounts of U.S. taxpayer support, the corporations are charging prices that place life-saving medications out of the reach of many Americans.
“Drug companies are making record profits and receiving government benefits left and right while everyday Americans have to decide between paying rent and buying the medicines their family members need to survive. As my colleagues and I said in our letters, a life-saving drug is 100% ineffective when it is unaffordable. It is unconscionable that these massive corporations are using their billion-dollar tax savings to benefit wealthy stockholders instead of to make their drugs more affordable. The fact that taxpayer dollars are also paying for research and development for these companies through publicly-funded research only adds insult to injury. We need answers from these PhRMA execs about why the taxpayer dollars they receive don't benefit taxpayers — and we need them now.”
In the letters sent today, Rep. Schakowsky and her colleagues, including Progressive Caucus Co-Chairs Reps. Mark Pocan (D-WI) and Raul Grijalva (D-AZ), demanded answers on how these corporations had spent their tax breaks, highlighting the fact that each of the Pharmaceutical companies (with the exception of Eli Lilly) had announced ten billion dollars' worth of stock buybacks. Stock buybacks benefit wealthy shareholders instead of consumers struggling to afford prescription drugs. In September, Reps. Schakowsky, Pocan, and Grijalva led a similar letter to the CEO of Walmart asking why so much of their tax savings were going to stock buybacks while so little went to their workers. This week, Americans for Tax Fairness announced that the total amount of stock buybacks authorized by corporations since the Republican tax bill passed in December 2017 now exceeds $750 billion.
In today's letters, the members asked each pharmaceutical executive a series of questions related to their use of taxpayer dollars, the pricing of their drugs, their employment practices, and their corporate spending. The members gave the CEOs until November 12th to respond to their questions. In addition to Reps. Schakowsky, Pocan, and Grijalva, the letter was signed by Reps. Kathy Castor (D-FL), Steve Cohen (D-TN), Peter A. DeFazio (D-OR), Rosa L. DeLauro (D-CT), Eleanor Holmes Norton (D-DC), Pramila Jayapal (D-WA), Marcy Kaptur (D-OH), Ro Khanna (D-CA), Grace F. Napolitano (D-CA), Chellie Pingree (D-ME), Tim Ryan (D-OH), Mark Takano (D-CA), and Peter Welch (D-VT).
The letters to each of the companies can be found here:
Amgen
AbbVie
Eli Lilly
Merck
Pfizer
October 15, 2018
Richard A. Gonzalez
AbbVie Inc. Headquarters,
1 N Waukegan Road,
North Chicago, IL 60064
Dear Richard A. Gonzalez:
Your company is one of the largest pharmaceutical corporations producing many lifesaving and life-sustaining drugs, but a life-saving drug is 100% ineffective when it is unaffordable. AbbVie, like many other pharmaceutical manufacturers, benefits from taxpayer assistance through publicly funded research and corporate tax breaks. We write on behalf of our constituents who are paying multiple times over for their prescription drugs with questions to ensure that the products they help pay to develop are affordable.
Despite resounding pleas from the American public to lower prescription drug prices, an AARP analysis found that the prices of 268 brand name drugs increased at least 15% a year from 2013 to 2015.1 A recent Americans for Tax Fairness (ATF) report found retail prices for a sample of leading American drugs had soared by 40% to 70%, or increased 14 times the rate of inflation, between 2011-2015.2 In January 2018, AbbVie raised the price of its biologic Humira by 9.7% resulting in an added $1.2 billion to the U.S. healthcare system. ATF also found that over that same period profits for the ten largest pharmaceutical corporations rose by almost 40% and a report from Oxfam found that large pharmaceutical corporations may be dodging $3.8 billion in taxes each year through off-shore tax havens.3 This is especially troubling to taxpayers (our constituents) as publicly funded research contributed to every new drug that was approved from 2010-2016.4
The Republican Tax Cuts and Jobs Act was introduced in November and signed into law December 22, 2017, the corporate tax rate was reduced by 40% and it is estimated that AbbVie would receive more than $1.3 billion in tax cuts in 2018.5 In addition, AbbVie will receive an estimated one-time tax cut of $3.8 billion on its offshore profits.6 Since November 28, 2017, your company has announced $10 billion of stock buybacks.7 Instead of using your tax savings to lower prescription drug costs and invest in innovation, your company decided stock buybacks that largely further enrich wealthy investors (or stockholders) were a top priority. Given that, we ask that you respond in writing to the following questions:
1) Since November 28, 2017, has your company changed the list price of any pharmaceuticals? If so, please list every drug that had a price increase or decrease along with the original prices and the percentage change.
2) Since November 28, 2017, how much have you invested in:
a. each clinical trial sponsored or funded by the company,
b. preclinical data development,
c. acquisition costs of startup firms, patent license or other drug development assets from third parties,
d. direct-to-consumer advertising including television, digital, and any other platform,
e. direct to prescriber marketing including all costs for Continuing Medical Education, provider office visits, and company sponsored trips and speaking fees.
3) Since November 28, 2017, have you discontinued certain drug development portfolios? If so, what drug development products were discontinued and why?
4) What is the median annual total compensation for all executives at present?
5) What is your country-by-country financial report?
Thank for you the attention to this matter. We respectfully request that you answer us no later than November 12, 2018.
Sincerely,
Jan Schakowsky
Member of Congress
Mark Pocan
Member of Congress
Raúl M. Grijalva
Member of Congress
Kathy Castor
Member of Congress
Steve Cohen
Member of Congress
Peter A. DeFazio
Member of Congress
Rosa L. DeLauro
Member of Congress
Eleanor Holmes Norton
Member of Congress
Pramila Jayapal
Member of Congress
Marcy Kaptur
Member of Congress
Ro Khanna
Member of Congress
Grace F. Napolitano
Member of Congress
Chellie Pingree
Member of Congress
Tim Ryan
Member of Congress
Mark Takano
Member of Congress
Peter Welch
Member of Congress
October 15, 2018
Robert A. Bradway, CEO
Amgen
One Amgen Center Drive
Thousand Oaks, CA
91320-1799
Dear Robert A. Bradway:
Your company is one of the largest pharmaceutical corporations producing many lifesaving and life-sustaining drugs, but a life-saving drug is 100% ineffective when it is unaffordable. Amgen, like many other pharmaceutical manufacturers, benefits from taxpayer assistance through publicly funded research and corporate tax breaks. We write on behalf of our constituents who are paying multiple times over for their prescription drugs with questions to ensure that the products they help pay to develop are affordable.
Despite resounding pleas from the American public to lower prescription drug prices, an AARP analysis found that the prices of 268 brand name drugs increased at least 15% a year from 2013 to 2015.1 A recent Americans for Tax Fairness (ATF) report found retail prices for a sample of leading American drugs had soared by 40% to 70%, or increased 14 times the rate of inflation, between 2011-2015.2 In that time period, Amgen raised the cost of its drug Enbrel, a common treatment for rheumatoid arthritis by more than 70%. ATF also found that over that same period profits for the ten largest pharmaceutical corporations rose by almost 40% and a report from Oxfam found that large pharmaceutical corporations may be dodging $3.8 billion in taxes each year through off-shore tax havens.3 This is especially troubling to tax-payers (our constituents) as publicly funded research contributed to every new drug that was approved from 2010-2016.4
The Republican Tax Cuts and Jobs Act was introduced in November and signed into law December 22, 2017, the corporate tax rate was reduced by 40% and it is estimated that Amgen would receive more than $900 million in tax cuts in 2018.5 In addition, Amgen will receive an estimated one-time tax cut of $5.5 billion on its existing offshore profits.6 Since November 28, 2017, your company has announced $10 billion of stock buybacks. Instead of using your tax savings to lower prescription drug costs and invest in innovation, your company decided stock buybacks that largely further enrich wealthy investors (or stockholders) were a top priority. Given that, we ask that you respond in writing to the following questions:
1) Since November 28, 2017, has your company changed the list price of any pharmaceuticals? If so, please list every drug that had a price increase or decrease along with the original prices and the percentage change.
2) Since November 28, 2017, how much have you invested in:
a. each clinical trial sponsored or funded by the company,
b. preclinical data development,
c. acquisition costs of startup firms, patent license or other drug development assets from third parties,
d. direct-to-consumer advertising including television, digital, and any other platform,
e. direct to prescriber marketing including all costs for Continuing Medical Education, provider office visits, and company sponsored trips and speaking fees
3) Since November 28, 2017, have you discontinued certain drug development portfolios? 1 so, what drug development products were discontinued and why?
4) In early 2017, it was reported that Amgen planned to lay off 200 workers. Did Amgen follow-through with those layoffs? What business decisions played into this decision? How did the Tax Cuts and Jobs Act factor into this decision?
5) What is the median annual total compensation for all executives at present?
6) What is your country-by-country financial report?
Sincerely,
Jan Schakowsky
Member of Congress
Mark Pocan
Member of Congress
Raúl M. Grijalva
Member m Congress
Kathy Castor
Member of Congress
Steve Cohen
Member of Congress
Peter A. DeFazio
Member of Congress
Rosa L. DeLauro
Member of Congress
Eleanor Holmes Norton
Member of Congress
Pramila Jayapal
Member of Congress
Marcy Kaptur
Member of Congress
Ro Khanna
Member of Congress
Grace F. Napolitano
Member of Congress
Chellie Pingree
Member of Congress
Tim Ryan
Member of Congress
Mark Takano
Member of Congress
Peter Welch
Member of Congress
October 15, 2018
David A. Ricks
Eli Lilly and Company,
Lilly Corporate Center,
Indianapolis, IN 46285
Dear David A. Ricks:
Your company is one of the largest pharmaceutical corporations producing many lifesaving and life-sustaining drugs, but a life-saving drug is 100% ineffective when it is unaffordable. Eli Lilly, like many other pharmaceutical manufacturers, benefits from taxpayer assistance through publicly funded research and corporate tax breaks. We write on behalf of our constituents who are paying multiple times over for their prescription drugs with questions to ensure that the products they help pay to develop are affordable.
Despite resounding pleas from the American public to lower prescription drug prices, an AARP analysis found that the prices of 268 brand name drugs increased at least 15% a year from 2013 to 2015.1 A recent Americans for Tax Fairness (ATF) report found retail prices for a sample of leading American drugs had soared by 40% to 70%, or increased 14 times the rate of inflation, between 2011-2015.2 In that time period, Eli Lilly raised its prices on Humalog and Humulin, insulin drugs used to treat Type 1 Diabetes. ATF also found that over that same period profits for the ten largest pharmaceutical corporations rose by almost 40% and a report from Oxfam found that large pharmaceutical corporations may be dodging $3.8 billion in taxes each year through off-shore tax havens.3 This is especially troubling to tax-payers (our constituents) as publicly funded research contributed to every new drug that was approved from 2010-2016.4
The Republican Tax Cuts and Jobs Act was introduced in November and signed into law December 22, 2017, the corporate tax rate was reduced by 40% and it is estimated that Eli Lilly would receive nearly $164 million in tax cuts in 2018.5 In addition, Eli Lilly will receive an estimated one-time tax cut of $4.4 billion on offshore profits.6 Given these large windfalls, we ask that you respond in writing to the following questions:
1) Since November 28, 2017, has your company changed the list price of any pharmaceuticals? If so, please list every drug that had a price increase or decrease along with the original prices and the percentage change.
a. Despite severe problems in access to affordable insulin, a recent study showed that Eli Lilly prices its insulin product, Humalog, 5.6 to 7.8 times higher than its production cost.7 Why has the price of Humalog continually risen and priced 5.6 to 7.8 times higher than its production cost?
2) Since November 28, 2017, how much have you invested in:
a. each clinical trial sponsored or funded by the company,
b. preclinical data development,
c. acquisition costs of startup firms, patent license or other drug development assets from third parties,
d. direct-to-consumer advertising including television, digital, and any other platform,
e. direct to prescriber marketing including all costs for Continuing Medical Education, provider office visits, and company sponsored trips and speaking fees.
3) Since November 28, 2017, have you discontinued certain drug development portfolios? If so, what drug development products were discontinued and why?
4) What is the median and of annual total compensation for all executives at present?
5) What is your country-by-country financial report?
Thank for you the attention to this matter. We respectfully request that you answer us no later than November 12, 2018.
Sincerely,
Jan Schakowsky
Member of Congress
Mark Pocan
Member of Congress
Raúl M. Grijalva
Member of Congress
Kathy Castor
Member of Congress
Steve Cohen
Member of Congress
Peter A. DeFazio
Member of Congress
Rosa L. DeLauro
Member of Congress
Eleanor Holmes Norton
Member of Congress
Pramila Jayapal
Member of Congress
Marcy Kaptur
Member of Congress
Ro Khanna
Member of Congress
Grace F. Napolitano
Member of Congress
Chellie Pingree
Member of Congress
Tim Ryan
Member of Congress
Mark Takano
Member of Congress
Peter Welch
Member of Congress
October 15, 2018
Kenneth C. Frazier
Merek & Co.,
2000 Galloping Hill Road,
Kenilworth, NJ 07033
Dear Kenneth C. Frazier:
Your company is one of the largest pharmaceutical corporations producing many lifesaving and life-sustaining drugs, but a life-saving drug is 100% ineffective when it is unaffordable. Merck, like many other pharmaceutical manufacturers, benefits from taxpayer assistance through publicly funded research and corporate tax breaks. We write on behalf of our constituents who are paying multiple times over for their prescription drugs with questions to ensure that the products they help pay to develop are affordable.
Despite resounding pleas from the American public to lower prescription drug prices, an AARP analysis found that the prices of 268 brand name drugs increased at least 15% a year from 2013 to 2015.1 A recent Americans for Tax Fairness (ATF) report found retail prices for a sample of leading American drugs had soared by 40% to 70%, or increased 14 times the rate of inflation, between 2011-2015.2 In that time period, Merek raised the retail prices of its diabetes medication Januvia by roughly 72%. ATF also found that over that same period profits for the ten largest pharmaceutical corporations rose by almost 40% and a report from Oxfam found that large pharmaceutical corporations may be dodging $3.8 billion in taxes each year through offshore tax havens.3 This is especially troubling to tax-payers (our constituents) as publicly funded research contributed to every new drug that was approved from 2010-2016.4
The Republican Tax Cuts and Jobs Act was introduced in November and signed into law December 22, 2017, the corporate tax rate was reduced by 40% and it is estimated that Merek would receive more than $2.7 billion in tax cuts in 2018.5 In addition, Merck will receive an estimated one-time tax cut of $13 billion on its existing offshore profits.6 Since November 28, 2017, your company has announced $10 billion of stock buybacks?7 Instead of using your tax savings to lower prescription drug costs and invest in innovation, your company decided stock buybacks that largely further enrich wealthy investors (or stockholders) were a top priority. Given that, we ask that you respond in writing to the following questions:
1) On July 19, 2018, Merck announced that it was dropping the prices of a number of drugs. How much did that price drop represent as a percentage of Merck's entire portfolio? Please list every drug, that had a price increase or decrease along with the original prices and the percentage change, since November 28, 2017.
2) Since November 28, 2017, how much have you invested in:
a. each clinical trial sponsored or funded by the company,
b. preclinical data development,
c. acquisition costs of startup firms, patent license or other drug development assets from third parties,
d. direct-to-consumer advertising including television, digital, and any other platform,
e. direct to prescriber marketing including all costs for Continuing Medical Education, provider office visits, and company sponsored trips and speaking fees.
3) Since November 28, 2017, have you discontinued certain drug development portfolios? If so, what drug development products were discontinued and why?
4) What is the median annual total compensation for all executives at present?
5) What is your country-by-country financial report?
Thank for you the attention to this matter. We respectfully request that you answer us no later than November 12, 2018.
Sincerely,
Jan Schakowsky
Member of Congress
Mark Pocan
Member of Congress
Raúl M. Grijalva
Member of Congress
Kathy Castor
Member of Congress
Steve Cohen
Member of Congress
Peter A. DeFazio
Member of Congress
Rosa L. DeLauro
Member of Congress
Eleanor Holmes Norton
Member of Congress
Pramila Jayapal
Member of Congress
Marcy Kaptur
Member of Congress
Ro Khanna
Member of Congress
Grace F. Napolitano
Member of Congress
Chellie Pingree
Member of Congress
Tim Ryan
Member of Congress
Mark Takano
Member of Congress
Peter Welch
Member of Congress
October 15, 2018
Ian Read
Pfizer Inc.,
235 East 42nd Street,
New York, NY 10017
Dear Ian Read:
Your company is one of the largest pharmaceutical corporations producing many lifesaving and life-sustaining drugs, but a life-saving drug is 100% ineffective when it is unaffordable. Pfizer, like many other pharmaceutical manufacturers, benefits from taxpayer assistance through publicly funded research and corporate tax breaks. We write on behalf of our constituents who are paying multiple times over for their prescription drugs with questions to ensure that the products they help pay to develop are affordable.
Despite resounding pleas from the American public to lower prescription drug prices, an AARP analysis found that the prices of 268 brand name drugs increased at least 15% a year from 2013 to 2015.1 A recent Americans for Tax Fairness (ATF) report found retail prices for a sample of leading American drugs had soared by 40% to 70%, or increased 14 times the rate of inflation, between 2011-2015.2 In that time period, Pfizer doubled the retail prices of its nerve medication Lyrica and anti-inflammatory drug Celebrex. ATF also found that over that same period profits for the ten largest pharmaceutical corporations rose by almost 40% and a report from Oxfam found that large pharmaceutical corporations may be dodging $3.8 billion in taxes each year through off-shore tax havens.3 This is especially troubling to tax-payers (our constituents) as publicly funded research contributed to every new drug that was approved from 2010-2016.4
The Republican Tax Cuts and Jobs Act was introduced in November and signed into law December 22, 2017, the corporate tax rate was reduced by 40% and it is estimated that Pfizer would receive more than $1 billion in tax cuts in 2018.5 In addition, Pfizer will receive an estimated one-time tax cut of $25.5 billion on its existing offshore profits.6 Since November 28, 2017, your company has announced $10 billion of stock buybacks. Instead of using your tax savings to lower prescription drug costs and invest in innovation, your company decided stock buybacks that largely further enrich wealthy investors (or stockholders) were a top priority. Given that, we ask that you respond in writing to the following questions:
1) Since November 28, 2017, has your company changed the list price of any pharmaceuticals? If so, please list every drug that had a price increase or decrease along with the original prices and the percentage change.
2) Since November 28,2017, how much have you invested in:
a. each clinical trial sponsored or funded by the company,
b. preclinical data development,
c. acquisition costs of startup firms, patent license or other drug development assets from third parties,
d. direct-to-consumer advertising including television, digital, and any other platform,
e. direct to prescriber marketing including all costs for Continuing Medical Education, provider office visits, and company sponsored trips and speaking fees.
3) Since November 28, 2017, have you discontinued certain drug development portfolios? If so, what drug development products were discontinued and why?
a. In January 2018, Pfizer announced that it was eliminating 300 positions from the neuroscience discovery and early development programs which included research on Parkinson's and Alzheimer's. How much was uninvested in the neuroscience portfolio? What business decisions played into this decision? How did the Tax Cuts and Jobs Act factor into this decision?
4) What is the median of annual total compensation for all executives at present?
5) What is your country-by-country financial report?
Thank for you the attention to this matter. We respectfully request that you answer us no later than November 12, 2018.
Sincerely,
Jan Schakowsky
Member of Congress
Mark Pocan
Member of Congress
Raúl M. Grijalva
Member of Congress
Kathy Castor
Member of Congress
Steve Cohen
Member of Congress
Peter A. DeFazio
Member of Congress
Rosa L. DeLauro
Member of Congress
Eleanor Holmes Norton
Member of Congress
Pramila Jayapal
Member of Congress
Marcy Kaptur
Member of Congress
Ro Khanna
Member of Congress
Grace F. Napolitano
Member of Congress
Chellie Pingree
Member of Congress
Tim Ryan
Member of Congress
Mark Takano
Member of Congress
Peter Welch
Member of Congress
FOOTNOTES
1Rx Price Watch Report: Trends in Retail Prices of Prescription Drugs Widely Used by Older Americans; 2006 to 2015, https://www.aarp.org/ppi/info-2016/trends-in-retail-prices-of-drugs.html
2The Pharma Big 10: Price Gougers, Tax Dodgers, December 2017, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Drug-Price-Dodgers-Tax-Dodgers-Report-FINAL-12-5-17.pdf
3Prescription for Poverty, https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620548/cr-prescription-for-poverty-pharma-180918-en.pdf
4Contribution of NIH funding to new drug approvals 2010-2016, February 2018, http://www.pnas.org/content/early/2018/02/06/1715368115
5Trump Tax Law and the Health Care Industry: A $100 Billion Bonanza, April 17, 2018, https://www.finance.senate.gov/imo/media/doc/Wvden%20Report%20-%20Trump%20Tax%20Law%20and%20the%20Heallh%20Care%201ndustry%20041718.pdf
6BAD MEDICINE: How GOP Tax Cuts Are Enriching Drug Companies, Leaving Workers & Patients Behind, April 2018, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Tax-Cut-Report-4.26.18-FINAL-.pdf
7Id.
1Rx Price Watch Report: Trends in Retail Prices of Prescription Drugs Widely Used by Older Americans: 2006 to 2015, https://www.aarp.org/ppi/info-2016/trends-in-retail-prices-of-drugs.html
2The Pharma Big 10: Price Gougers, Tax Dodgers, December 2017, https://americansfortaxfairness.org/wpcontent/uploads/Pharma-Drug-Price-Gougers-Tax-Dodgers-Report-FlNAL-12-5-17.pdf
3Prescription for Poverty, https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620548/cr-prescription-for-poverty-pharma-180918-en.pdf
4Contribution of NIH funding to new drug approvals 2010-2016, February 2018, http://www.pnas.org/content/early/2018/02/06/1715368115
BAD MEDICINE: How GOP Tax Cuts Are Enriching Drug Companies, Leaving Workers & Patients Behind, April 2018, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Tax-Cut-Report-4.26.18-FINAL-.pdf
6Id.
1Rx Price Watch Report: Trends in Retail Prices of Prescription Drugs Widely Used by Older Americans: 2006 to 2015, https://www.aarp.org.ppi/info-2016/trends-in-retail-prices-of-drugs.html
2The Pharma Big 10: Price Gougers, Tax Dodgers, December 2017, https:/americansfortaxfairness.org.wp-content/uploads/Pharma-Drug-Price-Gougers-Tax-Dodgers-Report-FINAL-12-5-17.pdf
3Prescription for Poverty, https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620548/cr-prescription-for-poverty-pharma-180918-en.pdf
4Contribution of NIH funding to new drug approvals 2010-2016, February 2018, http://www.pnas.org/content/early/2018/02/06/1715368115
5Trump Tax Law and the Health Care Industry: A $100 Billion Bonanza, April 17, 2018, https://www.finance.senate.gov/imo/media/doc/Wvden%20Report%20-%20Trump%20Tax%20Law%20and%20the%20Heallh%20Care%201ndustry%20041718.pdf
6BAD MEDICINE: How GOP Tax Cuts Are Enriching Drug Companies, Leaving Workers & Patients Behind, April 2018, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Tax-Cut-Report-4.26.18-FlNAL-.pdf
7Production costs and potential prices for biosimilars of human insulin and insulin analogues, BMJ Journal, September 25, 2018, https://gh.bmj.com/content/3/5/e000850
1Rx Price Watch Report: Trends in Retail Prices of Prescription Drugs Widely Used by Older Americans: 2006 to 2015, https://www.aarp.org/ppi/info-2016/trends-in-retail-prices-of-drugs.html
2The Pharma Big 10: Price Gougers, Tax Dodgers, December 2017, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Drug-Price-Gougers-Tax-Dodgers-Report-FlNAL-12-5-17.pdf
3Prescription for Poverty, https://oxfamilibrary.openrepository.com/handle/10546/620548
4Contribution of NIH funding to new drug approvals 2010-2016, February 2018, http://www.pnas.org/content/early/2018/02/06/715368115
5Trump Tax Law and the Health Care Industry: A $100 Billion Bonanza, April 17, 2018, https://www.finance.senate.gov/imo/media/doc/Wvden%20Report%20-%20Trump%20Tax%20Law%20and%20the%20Heallh%20Care%201ndustry%20041718.pdf
6BAD MEDICINE: How GOP Tax Cuts Are Enriching Drug Companies, Leaving Workers & Patients Behind, April 2018, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Tax-Cut-Report-4.26.18-FINAL-.pdf
7Id.
1Rx Price Watch Report: Trends in Retail Prices of Prescription Drugs Widely Used by Older Americans; 2006 to 2015, htpps://http://www.aarp.org/ppi/info-2016/trends-in-retail-prices-of-drugs.html
2The Pharma Big 10: Price Gougers, Tax Dodgers, December 2017, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Drug-Price-Gougers-Tax-Dodgers-Report-FINAL-12-5-17.pdf
3Prescription for Poverty ,https://oxfamilibrary.openrepository.com/handle/10546/620548
4Contribution of NIH funding to new drug approvals 2010-2016, February 2018, http://www.pnas.org/content/early/2018/02/06/1715368115
5Trump Tax Law and the Health Care Industry: A $100 Billion Bonanza, April 17, 2018, https://www.finance.senate.gov/imo/media/doc/Wvden%20Report%20-%20Trump%20Tax%20Law%20and%20the%20Heallh%20Care%201ndustry%20041718.pdf
6BAD MEDICINE: How GOP Tax Cuts Are Enriching Drug Companies, Leaving Workers & Patients Behind, April 2018, https://americansfortaxfairness.org/wp-content/uploads/Pharma-Tax-Cut-Report-4.26.18-FINAL-.pdf
END FOOTNOTES
- AuthorsSchakowsky, Rep. Janice D.Pocan, Rep. Mark WilliamGrijalva, Rep. Raúl M.Castor, Rep. KathyCohen, Rep. SteveDeFazio, Rep. Peter A.DeLauro, Rep. Rosa L.Jayapal, Rep. PramilaKaptur, Rep. MarcyKhanna, Rep. RoNapolitano, Rep. Grace F.Pingree, Rep. ChellieRyan, Rep. TimTakano, Rep. MarkWelch, Sen. PeterNorton, Del. Eleanor Holmes
- Institutional AuthorsU.S. House of Representatives
- Subject Area/Tax Topics
- Industry GroupsHealth care
- Jurisdictions
- Tax Analysts Document Number2018-41268
- Tax Analysts Electronic Citation2018 TNT 202-18
