Welch highlights report targeting big pharma

WASHINGTON (WCAX) - Vermont Sen. Peter Welch is joining other lawmakers in calling out big pharmaceutical companies for continuing to put profits over patients.

A new report from Protect Our Care says in the first three months of 2024, big drug companies raked in nearly $29 billion in profits and rewarded shareholders over $28 billion. They say the companies are also working to shoot down the the Inflation Reduction Act, which includes provisions aimed at making prescription drugs more affordable for seniors.

“For too long, pharmaceutical companies have cashed in on the vulnerabilities of patients needing access to life-saving medication, charging patients sky-high prices with no repercussions. We’re working to change that,” said Welch, D-Vermont.

Welch was joined by Rep. Debbie Dingell, D-Mich, Tuesday to highlight the new report.

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