Signature needed: Time to hold Big Pharma accountable

CREDO action
Tell Congress: Time to hold Big Pharma accountable

Petition to Congress:
"The pharmaceutical industry is out of control. As it rakes in record profits and avoids paying its fair share of taxes, the American people are struggling to afford our basic needs. It is time that Congress hold the pharmaceutical industry accountable."

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Dear 5849376,

Tell Congress: Time to hold Big Pharma accountable

Big Pharma is out of control.

Prices are skyrocketing and the biggest companies are raking in billions while sick people can barely afford the medicine they need.1 Hedge fund "Pharma Bros" are buying up desperately needed drugs and jacking up the price.2 And just a few weeks ago, Pfizer and Allergan merged in one of the biggest tax-dodging corporate restructures in history.3

The pharmaceutical industry is running roughshod over patients and our democracy itself in its wild pursuit of profit. Progressive champions in Congress like Rep. Elijah Cummings and Sen. Bernie Sanders have stepped up to fight the reckless greed. And now CREDO is joining forces with a prominent group of progressive organizations to help declare that Big Pharma's reign must come to an end.

Tell Congress: Time to hold Big Pharma accountable. Click here to sign the petition.

We're standing alongside allies like DailyKos and Social Security Works to show Congress that the American people are tired of an industry that jacks up prices and refuses to pay its fair share.

In the last year it has become clearer than ever that the pharmaceutical industry is simply out of control:

  • The "Pharma Bro," Martin Shkreli, purchased a drug for pregnant women and HIV patients and announced he would jack up the price from $13.50 to $750 per pill. He spent his days tweeting about private planes and $20,000 bottles of wine and mocked the many who questioned how he could sleep at night.4,5

  • Even though Americans already pay the highest prices for prescription drugs of anywhere in the world, new treatments are debuting at sky-high prices. Even old generic drugs have seen price increases. In the past year, prices have gone up 12% on average, and at times over 1,000%. Meanwhile, the pharmaceutical industry is spending millions on marketing and lobbyists to protect its unfair monopolies.6

  • In recent years, more than 22 major companies, including Chiquita Bananas and the pharmaceutical giant Pfizer, have attempted tax inversions, a loophole that will cost the U.S. an estimated $34 billion in tax revenue over the next decade.7,8 The surge in inversions has been driven in part by Wall Street firms like Goldman Sachs, JPMorgan Chase and Morgan Stanley, which have raked in hundreds of millions of dollars in fees on inversion deals in the past three years.9

It is unconscionable that the pharmaceutical industry is allowed to rake in record profits while avoiding paying their fair share of taxes. Enough is enough.

Tell Congress: Time to hold Big Pharma accountable. Click here to sign the petition.

Drug companies have successfully lobbied to bar Medicare from using its massive buying power to negotiate lower drug prices. But there is a bill in Congress that would change that, along with increasing transparency, instituting stiffer penalties for fraud, and cracking down on anti-competitive behavior like paying competitors to keep other drugs off the market.10 There is also legislation to crack down on tax inversions – changing the rules to so corporate deserters cannot get away with using loopholes to avoid paying America back for getting rich off of our roads, laws, investments, education system and more.11

But we all know Big Pharma will dig in its heels and twist elbows. Our best hope is a dramatic show of force that makes it clear that Americans have had enough.

Tell Congress: Time to hold Big Pharma accountable. Click below to sign the petition:

http://act.credoaction.com/sign/big_pharma_2015?t=7&akid=16366.3291973.RRzYMA

Thank you for speaking out,

Murshed Zaheed, Deputy Political Director
CREDO Action from Working Assets

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  1. "Sanders, Cummings Introduce Comprehensive Legislation to Lower Soaring Drug Prices," House Committee on Oversight and Government Reform, September 10, 2015.
  2. Katie Halper, "These 37 tweets show how the pharma CEO gouging AIDS patients is even worse than you think," Raw Story, September 21, 2015.
  3. Kevin McCoy, "Pfizer and Allergan merge in $160B tax inversion deal," USA Today, November 23, 2015.
  4. Halper, "These 37 tweets show how the pharma CEO gouging AIDS patients is even worse than you think."
  5. Judd Legum, "'It's Criminal': Congressman Wants 'Pharma Bro' To Testify Under Oath," Think Progress, September 22, 2015.
  6. "Sanders, Cummings Introduce Comprehensive Legislation to Lower Soaring Drug Prices,"
  7. Katrina vanden Heuvel, "If Congress won't, Obama may have to address inversion," Washington Post, August 12, 2014.
  8. "Durbin, Reed, Levin, Doggett Re-Introduce Corporate Inversions Act Of 2015," Durbin.Senate.gov, January 20, 2015.
  9. Alan Pyke, "Wall Street Has Raked In Almost A Billion Dollars Helping Companies Move Overseas To Dodge Taxes," Think Progress, July 29, 2014.
  10. "Sanders, Cummings Introduce Comprehensive Legislation to Lower Soaring Drug Prices."
  11. "Durbin, Reed, Levin, Doggett Re-Introduce Corporate Inversions Act Of 2015."

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