Letters-to-the-Editor & Commentary

Letter: Lawmakers Should Not Profit On Big Pharma

Published 5 years ago5y ago • Bookmarks: 61

May 20, 2020

Dear Editor:

To most people, it seems wrong that public officials stand to massively profit from decisions that the government makes. But sadly, our government is rife with conflicts of interest, particularly with the pharmaceutical industry.

This is true of Republicans. Recently, it was revealed that Moncef Slaoui, Donald Trump’s vaccine czar, owns $10 million in stock in Moderna, Inc., a company that is receiving $483 million from the federal government to develop a COVID-19 vaccine. When that grant was announced, Moderna’s stock shot up 15% — and Slaoui was a direct beneficiary.

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Given Slaoui’s stake in Moderna, it is difficult to trust that the money directed its way was done so because they had the best chance to develop a vaccine. His financial interest could have swayed that money toward Moderna, and away from other companies that may have been better positioned to develop the vaccine.

Conflicts of interest extend to some Democrats too — including one running for Congress right here in our district. Adam Schleifer, son of the founder of Regeneron Pharmaceuticals, owes his $2.2 billion family fortune to the pharmaceutical industry. Schleifer personally owns at least $26 million in pharmaceutical stocks of Regeneron and Gilead Sciences.

Schleifer claims that his investments will not influence his policy positions, but his platform shows that he will not challenge the power of the pharmaceutical industry in Washington. Schleifer has broken with the Democratic party on proposals meant to rein in the excesses of the pharmaceutical industry.

Democrats support allowing Medicare to negotiate down the cost of prescription drugs, withdrawing the blank check that pharmaceutical companies have received from taxpayers. Schleifer’s website says nothing on the matter. Democrats support legislation that would allow the federal government to manufacture generic drugs to bring down costs. Again, Schleifer is silent. Democrats have introduced legislation to cap out-of pocket prescription drug costs for every American at $200 per year. While Schleifer does support a “cap [on] out-of-pocket prescription drug costs,” he does not say how high that cap should be, and without granting the federal government the power to negotiate costs, this amounts to a massive handout to the pharmaceutical industry.

Unlike our current Representative Nita Lowey, Candidate Schleifer does not support Medicare For All. Is that position due to the potential hit on his healthcare industry investments?

Additionally, Schleifer has refused to answer questions about whether he would support the bipartisan We PAID Act, which would require pharmaceutical companies to charge reasonable prices for drugs developed with taxpayer funding. One of Schleifer’s major holdings, Gilead, is known for patenting drugs that were developed with the help of significant public funding, pricing them at absurdly high rates, and privatizing the profits. It is telling that Schleifer will not even answer questions about the We PAID Act, which, if passed, would hurt his bottom line.

Our next member of Congress cannot be beholden to the pharmaceutical industry. The health of our community depends on it. Keep that in mind as you vote on June 23rd. In my view, Mondaire Jones is the one candidate who will fight hard to make sure that everyone can afford medical and prescription drug care.

Sincerely,

Peter Bernstein, Irvington, NY

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