U.S. Senator Tammy Baldwin to Pfizer CEO: Make Drug Price Reductions Permanent
Major drug companies have drastically raised prices for top-selling drugs over the past five years, in some cases more than doubling prices.
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today sent a letter to the CEO of Pfizer calling on the pharmaceutical company to make recently announced price reductions permanent. Baldwin’s letter follows an announcement by Pfizer that it would delay announced price hikes after a tweet from President Trump, calling into question why the company needs to increase prices in the first place.
Major drug companies have drastically raised prices for top-selling drugs over the past five years, in some cases more than doubling prices. This is despite increased sales and company profits. Last year, President Trump signed partisan tax legislation passed by Congressional Republicans that gave permanent tax breaks to corporations such as Pfizer. Since then, drug corporations, including Pfizer, have announced more than $50 billion combined in stock buybacks—largely benefiting top executives and wealthy shareholders as prescription drug prices continue to rise for American families. In fact, Pfizer and many other companies instituted price hikes on prescription drugs in January after the corporate tax cut became law. Recently, Pfizer increased prices again and it’s costing consumers.
“Instead of playing games with the costs of prescription drugs that millions of Americans depend on, you should make a firm and clear commitment to permanently roll back prices,” wrote Senator Baldwin in her letter.
Senator Baldwin has been working to hold prescription drug companies accountable for skyrocketing drug prices. Earlier this year, Senators Baldwin and McCain sent a letter to President Trump urging him to hold the pharmaceutical industry accountable and make good on his promise to lower the skyrocketing prescription drug prices that American families are struggling to afford.
Baldwin and McCain also co-authored the bipartisan FAIR Drug Pricing Act, which would begin to address high prescription drug prices and hold pharmaceutical companies accountable by requiring transparency for drug companies that plan to increase drug prices. The bill would not prohibit manufacturers from increasing prices, but it would, for the first time, give taxpayers notice of price increases and bring basic transparency to the market for prescription drugs.
“I have heard from countless Wisconsinites who are struggling to afford medications that they have relied on for years. They want Washington to take real action. That is why I have offered a bipartisan solution, the FAIR Drug Pricing Act, to institute basic transparency and accountability for drug companies that raise prices.” said Senator Baldwin.
The full letter is available here.
Recent Press Releases by U.S. Sen. Tammy Baldwin
U.S. Senator Tammy Baldwin Joins Colleagues to Reintroduce Resolution To Defend Constitutionality of Pre-Existing Condition ProtectionsJan 18th, 2019 by U.S. Sen. Tammy Baldwin
"No parent should have to lay awake at night wondering if the health care they have today, for themselves and their children, will be there tomorrow."
U.S. Senator Tammy Baldwin Reintroduces Bipartisan Legislation to Extend Community Health Center FundingJan 17th, 2019 by U.S. Sen. Tammy Baldwin
"We need to provide funding for our community health centers so they can continue providing care to thousands of Wisconsinites."
U.S. Senator Tammy Baldwin Re-Introduces Expanded Legislation to Slow the Revolving Door Between Wall Street, Corporate America and WashingtonJan 16th, 2019 by U.S. Sen. Tammy Baldwin
"President Trump promised to ‘drain the swamp,’ but this revolving door keeps spinning."