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Pfizer CEO gets 61% pay raise—to $27.9 million—as drug prices continue to climb.
In a recent three-week span, the company hiked 116 drug prices as much as 9.46 percent.
As drug giant Pfizer Inc. hiked the price of dozens of drugs in 2017, it also jacked up the compensation of CEO Ian Read by 61 percent, putting his total compensation at $27.9 million, according to financial filings reported by Bloomberg.
Pfizer’s board reportedly approved the compensation boost because they saw it as a “compelling incentive” to keep Read from retiring. He turns 65 in May. As part of the deal, Read has to stay on through at least next March and is barred from working with a competitor for a minimum of two years after that.
The price hikes come amid a national outrage over the high prices of medications and healthcare overall. A recent analysis published in JAMA compared healthcare spending in the US to 10 other high-income countries. It found that the US paid nearly twice as much but performed less well. The main drivers of higher prices, researchers found, were high administrative costs and devices and pricy medicines.
I keep repeating myself here until the government goes after these companies health insurance and drug prices won’t go down. And the lobbyists that line our elected officials with money needs to stop as well.
AND this is one more reason why we need to see our elected officials tax returns. No matter whose in office.
Let me know when Democrats want to talk with Trump rather than being crybabies like the last two years... Trump already has a plan, now all we need is to throw out the Democrats and its done...
in general I pretty much think its crazy to talk about going after companies or CEOs that make big money. the forces of the free market dictate.... that being said, there is no free market where drug companies are concerned.
we have created a system where they play in their own sandbox with no competition at all. that needs to change. The answer is the free market. patents on new drugs, extended patents on existing drugs need major revamping.
we need the free market to be free and where drugs and healthcare are concerned we really need to institute competition and free markets.
Pfizer CEO gets 61% pay raise—to $27.9 million—as drug prices continue to climb.
I keep repeating myself here until the government goes after these companies health insurance and drug prices won’t go down. And the lobbyists that line our elected officials with money needs to stop as well.
AND this is one more reason why we need to see our elected officials tax returns. No matter whose in office.
I admit there is a problem, but not sure what you want the government to do about it. Government doesn't tell companies what to pay their CEO, and government doesn't set prices (although they should use the leverage of Medicare to negotiate better deals). Also why pick on Pharma CEOs? Les Moonves of CBS made $69B in 2017 and Douglas Lebda of lending Tree made $60B.
For most conditions today there exists inexpensive generic treatments. But as long as either insurance or the government is paying, where is the incentive to choose generic? If you were dying of cancer, would you choose an older drug that costs $500 over the latest treatment that costs $20,000? How about if it came out of your own pocket?
in general I pretty much think its crazy to talk about going after companies or CEOs that make big money. the forces of the free market dictate.... that being said, there is no free market where drug companies are concerned.
we have created a system where they play in their own sandbox with no competition at all. that needs to change. The answer is the free market. patents on new drugs, extended patents on existing drugs need major revamping.
we need the free market to be free and where drugs and healthcare are concerned we really need to institute competition and free markets.
^^^^^^^^
This
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