Rhode Island Senators Jack Reed and Sheldon Whitehouse have filed a measure that would ban drug makers from getting tax breaks for advertising their products. The Senators say that only goes to increase their profits at the expense of taxpayers. The measure will close the loopholes that big pharma has been taking advantage of for years.
“Drug makers unhealthy addiction to direct-to-consumer advertising that bypasses doctors is costing taxpayers a fortune and contributing to higher health costs. Consumers are sick of paying more because Big Pharma is trying to push the most expensive branded prescription drugs. The No Tax Breaks for Drug Ads Act would stop drug companies from deducting their ad expenses from their federal taxes,” said Senator Reed. “It’s past time Congress pass this commonsense legislation and eliminate subsidies for prescription drug ads that drive up prices for consumers.”
“Rhode Islanders paying for life-saving medication should not have to subsidize Big Pharma’s direct-to-consumer advertising costs,” said Senator Whitehouse. “Our legislation is another step Democrats are taking to break the grip of Big Pharma and support hardworking families across the Ocean State.”
According to federal officials the companies spend in excess of some 18 billion dollars a year on advertising.
The senators are being joined in their efforts by Connecticut Senators Richard Blumenthal and Chris Murphey, Liz Warren of Massachusetts and Peter Welch of Vermont among others.
(Photo by Chip Somodevilla/Getty Images)
Photo: Chip Somodevilla / Getty Images News / Getty Images