WASHINGTON,
D.C. – U.S. Representative Jan Schakowsky (D-IL) today joined members of
the U.S. House of Representatives and Senate to discuss recently released
figures showing that the pharmaceutical industry was the most profitable
business in 1999.
“The
pharmaceutical companies are number one. They’re number one when
it comes to making money and they’re number one when it comes to charging
American seniors the highest prices in the world for their medication,”
Schakowsky said.
According
to the recent Fortune 500 report, “Whether you gauge profitability by median
return on revenues, assets, or equity, pharmaceuticals had a Viagra kind
of year.” The pharmaceutical industry’s 1999 profits ranked number
one as a percentage of revenues (18.6%), as a percentage of assets (16.5%),
and as a percentage of shareholders’ equity (35.8%). Overall, the
Fortune 500 companies’ profits were 5% of revenues, 3.8% of assets, and
15.2% of equity.
“The
drug companies are enjoying a continued run of unprecedented profitability,
but they are doing so at the expense of millions of senior citizens.
One out of every eight older Americans is forced to choose between food
and prescription drugs. Many more try to get by with half a pill
or by taking what are supposed to be daily dosages only every other day,”
Schakowsky said.
“Senior
citizens need fair, non-discriminatory drug prices. In light of these
recent profit figures, there should be no debate over whether the pharmaceutical
industry can afford to lower prices. The only question is whether
the House Republican leadership will continue to protect the industry’s
exorbitant profits while ignoring the daily struggles faced by our nation’s
senior citizens,” Schakowsky added. |
