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With working Americans’ survival at stake, the US is bailing out the richest

By Morris Pearl  and William Lazonick “Without significant oversight, Congress’s economic relief bill will leave millions of everyday Americans in financial peril Amid a humanitarian crisis compounded by mass layoffs and collapsing economic activity, the last course our legislators should be following is the one they appear to be on right now: bailing out shareholders and […]

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US Pharma’s Financialized Business Model

By William Lazonick, Matt Hopkins, Ken Jacobson, Mustafa Erdem Sakinç & Öner Tulum ◊ Price gouging in the US pharmaceutical drug industry goes back more than three decades. In 1985 US Representative Henry Waxman, chair of the House Subcommittee on Health and the Environment, accused the pharmaceutical industry of “gouging the American public” with “outrageous” price increases, driven by “greed on a massive scale.” Even in the wake of the many Congressional inquiries that have taken place since the 1980s, including one inspired by the extortionate prices that Gilead Sciences has placed on its Hepatitis-C drugs Sovaldi since 2013 and Harvoni since 2014, the US government has not seen fit to regulate drug prices. UK Prescription Price Regulation Scheme data for 1996 through 2010 show that, while drug prices in other advanced nations were close to the UK’s regulated prices, those in the United States were between 74 percent and 181 percent higher.

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