Katie Porter corners this Big Pharma CEO, debunking the biggest industry myth. John Iadarola and Jayar Jackson break it down on The Damage Report.
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Read more here: https://www.businessinsider.com/video-katie-porter-tears-into-pharma-ceo-whose-company-inflated-its-prices-for-two-major-drugs-2021-5
"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. She pointed out that the company spent just $2.45 billion on research and development between 2013 and 2018, while it spent $4.7 billion on marketing and advertising, and $50 billion on stock buybacks and dividends."
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