Robert Reich: Stock Price Taxpayer

Posted by admin on Monday, June 29, 2020

Robert Reich Money Quote saying Drug development funded by taxpayers is contributing to the Gilead bottom line profit. Robert Reich said:
 
the drug was developed with a $37.5 million grant from the federal government paid for by the taxpayers. Once again, Big Pharma is set to profit on the taxpayer's dime Quote
 

“As Gilead’s stock price rises on reports of remdesivir, remember that the drug was developed with a $37.5 million grant from the federal government paid for by the taxpayers. Once again, Big Pharma is set to profit on the taxpayer’s dime” — Robert Reich

 

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Robert Reich is criticizing the pharmaceutical company Gilead for profiting greatly from a drug called remdesivir that was developed using taxpayer funds. He notes that while Gilead’s stock price rises due to reports about remdesivir, taxpayers provided $37.5 million in grants that helped fund the initial development of the drug.

Reich is suggesting it is unfair for Gilead to reap huge profits from a drug that taxpayers partially supported, implying the company is profiting “on the taxpayer’s dime.” His statement aims to point out the disparity between taxpayers footing part of the bill for drug development through government grants, versus pharmaceutical corporations receiving the lion’s share of financial returns from drugs those grants helped create.

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