Take Action to Stop Drug CEOs from Profiteering off Medicare Prescription Plan

Michael Buckley, communications director for the Alliance for Retired Americans, the AFL-CIO organization for union retirees, sends us this action alert for a bill now in the Senate that would enable Medicare to negotiate prescription drug costs.

Where does your prescription drug money go? 

According to the AFL-CIO Executive PayWatch, a lot of it is going straight to the CEOs’ wallets. 

The head of Wyeth took home $32.8 million in 2006. A few others: Abbott Laboratories, $26.9 million; Pfizer Inc., $19.4 million; and Baxter, $13.5 million. Says Alliance for Retired Americans President George J. Kourpias:

Is it any wonder why Americans pay the highest drug prices in the world? These CEOs ought to be ashamed of themselves for profiting so handsomely off seniors who need their prescription drugs.

These companies are flush with cash from President George W. Bush’s 2003 prescription drug law, which, according to The New York Times:

is proving to be a financial windfall larger than even the most optimistic Wall Street analysts had predicted.

But wait. There is more.

Pharmaceutical lobbyists are spending millions to block a bill (S. 3) before the U.S. Senate this week. And they even have their friends in the White House promising to veto the bill.

Why? 

Because it would repeal corporations’ sweetheart deal, one that prohibits Medicare from negotiating bulk discounts from drug manufacturers. Every consumer understands you pay less when you buy in bulk. 

Says Alliance Executive Director Edward Coyle:

This is the moment of truth for Senators and for President Bush: Do they stand with retirees struggling to afford their drugs, or do they stand with the big drug companies who want to keep fleecing American seniors?

Click here to urge your senators today to vote for S. 3 and let Medicare do what most savvy consumers do—negotiate the best prices.

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