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Press Release

FreedomWorks Foundation Files Comments Regarding FTC’s Pharmaceutical Merger Proposal

WASHINGTON, D.C.-- This past week, FreedomWorks Foundation and activists from 25 states filed comments before the Federal Trade Commission (FTC). Along with its international counterparts, the Justice Department, and state attorneys general, the FTC requested public input on evaluating pharmaceutical mergers. Steve Moore, FreedomWorks Senior Economist, commented:

“In its comment, FWF noted that mergers and acquisitions receive tremendous governmental scrutiny at the federal level and potentially international and state levels, and the government has the tools it needs to block problematic mergers.

“The FTC did not indicate any reason why creating new standards for just one industry--pharmaceuticals--is necessary. If it’s not broken, why is the government trying to fix it and inject uncertainty into the pharma industry? Uncertainty is the enemy of innovation and investment, which are vital for pharmaceutical companies to continue to develop life-saving products.”

The formal comments can be found here.

1 comments
01/03/2022

Pharmaceutical Companies are the most profitable out of any Fortune500 companies, some statistics indicate even more than all other Fortune500 companies combined. When referencing Pharmaceutical Companies would be unable to deliver innovative new cures or treatments without the reduced revenue, should omit the "new cures". When was the last "cure" found by Pharmaceutical Companies? Their main focus is on treatment with more & more expensive medications which is more profitable than "cures". In relation to possible increase in drug prices, why? Couldn't they possibly dip into their outrageous profits to continue research or does every administrator need to be billionaires? They receive funds from various sources such as non-profit & for-profit organizations to Federal Grants, (thats taxpayers money), to private donations. The Pharmaceutical companies set drug costs higher in US to compensate for reduced charges in other Nations that are not so financially sound as US. Their competitors are other Pharmaceutical Companies which are as profitable, there really is no cost regulation so they can set their costs to be as profitable as desired. There is a great disparity in cost to manufacture & cost to consumer, up to 1,000's times more expensive than normal profit levels for other companies. Big Pharm is the strongest lobbyists & largest contributors to political campaigns. (Example Sen Sinema who sold her soul to them.) We need to provide medications at an affordable rate to the middle class & impoverished if we are ever going to reduce healthcare costs by making sure that all citizens stay as healthy as possible, fewer hospitalizations, fewer treatments needed. Recognize a thread here? If we continue to put strains on middle-class workers, there will be fewer middle-class to support these for-profit Big Pharms or any other business, which would result in a severe blow to our economy. Companies can manufacture all they want, but if there is fewer & fewer customers for their products, eventually large corporations will fold. If companies don't provide any financial benefit, even the "1%" are going to see less money in their coffers. We will be a 2-class Nation of the rich & the poor similar to other 3rd world nations. Just an opinion from a RN of 35 years. Be blessed!

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