Katie Porter: Better Price Gouging
on Thursday, October 1, 2020Katie Porter Money Quote questioning Big Pharma CEO Mark Alles about his $13 Million compensation package with a $500,000 bonus earned because he raised the price of cancer drug called Revlimid while heading his company, Celgene. Katie Porter said:
“So, to recap here, the drug didn’t get any better; the cancer patients didn’t get any better; you just got better at making money, You just refined your skills at price gouging” — Katie Porter
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Katie Porter is criticizing a pharmaceutical company for raising the price of a drug without making any improvements to the drug itself or outcomes for patients. She notes that neither the drug nor the health of cancer patients receiving it got any better – the only thing that changed was that the company “got better at making money” and “refined their skills at price gouging”.
In other words, Porter is accusing the company of profiteering and price gouging by significantly increasing the cost of the drug without providing any additional benefits or value to the end users (patients). Her statement suggests she views the price hike as an exploitative tactic solely aimed at increasing profits rather than advancing medicine or patient care.
Oh my god, Katie Porter. pic.twitter.com/tO6B7xCx3G
— Public Citizen (@Public_Citizen) September 30, 2020