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Healthy Skepticism Library item: 3484

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

 

Publication type: news

Up To $16 Million In Drug Company Stock Investments Conflict 42 U.S. Senators Out of Vaccine Vote, Says FTCR
U.S. News Wire 2005 Dec 13
http://releases.usnewswire.com/GetRelease.asp?id=58052


Notes:

Ralph Faggotter’s Comments:

“ Forty-two U.S. Senators hold stock in pharmaceutical companies even as they vote on legislation to benefit the drug industry…”

Not only does the pharmaceutical industry spend millions of dollars directly lobbying Washington politicians and providing them with campaign funds, but many of these politicians are seriously compromised on top of this by their personal ownership of shares in the very companies which will have their profitability influenced by the politicians decisions.

The big losers here will be the general public.


Full text:

Up To $16 Million In Drug Company Stock Investments Conflict 42 U.S. Senators Out of Vaccine Vote, Says FTCR

12/13/2005 12:46:00 PM

To: National Desk

Contact: Carmen Balber, 310-392-0522 ext. 324, or Jamie Court, 310-392-0522 ext. 327, both of Foundation for Taxpayer and Consumer Rights, Web: http://www.consumerwatchdog.org

SANTA MONICA, Calif., Dec. 13 /U.S. Newswire/ — Forty-two U.S. Senators hold stock in pharmaceutical companies even as they vote on legislation to benefit the drug industry, according to an analysis released today by the nonprofit, nonpartisan Foundation for Taxpayer and Consumer Rights (FTCR). The Senate is expected to vote this week on an eleventh-hour amendment to immunize vaccine makers for dangerous drugs. Senators should not participate in votes from which they will financially benefit, said FTCR.

FTCR’s analysis of Senate personal financial disclosures reveals that 42 senators — 27 Republicans and 15 Democrats — held pharmaceutical stock worth between $8.1 and $16 million in 2004. Senators earned an additional $2.5 to $7.2 million in capital gains and dividends, and two senators’ spouses also earned salaries from pharmaceuticals. View the analysis at: http://www.consumerwatchdog.org/resources/SenPharma.pdf.

“Senators can’t ethically support a giveaway deal for the pharmaceutical industry when their own financial interests match those of the drug companies,” said Carmen Balber, consumer advocate with FTCR. “A financial interest in the outcome of legislation should conflict any politician out of the vote.”

The GOP-backed amendment would grant immunity to drug companies for any vaccine or product, classified by the Bush Administration as necessary to respond to a public health threat, when patients are harmed by dangerous drugs. The amendment is so broad that any product considered a “countermeasure,” not just vaccines, could be protected.

Senate Majority Leader Frist aims to make the provision an amendment to a conference report that cannot be altered. Frist’s blind trust included stock in drug companies Abbott Laboratories and Johnson & Johnson through 2004, each worth $15,000 to $50,000 when the trust was created.

In July, Rep. F. James Sensenbrenner (R-Wis.) recused himself from a vote on medical malpractice legislation that would have benefited the pharmaceutical industry because his millions in drug company stock create the appearance of a conflict of interest.

“It’s time the U.S. Senate met the Sensenbrenner standard,” said Balber.

The pharmaceutical industry was the largest industry donor to Frist’s National Republican Senatorial Committee, and the industry has given 64 percent to 74 percent of its federal contributions to Republicans every year for the last decade according to the Center for Responsive Politics.

Congressional leaders tried to provide liability protection for the makers of the vaccine additive Thimerosal in 2002 with an amendment to Homeland Security legislation based on legislation Frist carried. Frist denied involvement, but public backlash forced the Senate to remove the immunity provision.

FTCR filed an ethics complaint with the Senate Select Ethics Committee last April charging Frist with a conflict of interest for promoting medical malpractice liability limits while retaining stock worth millions in the hospital corporation, HCA. HCA owns the nation’s fourth largest malpractice insurer. Read the complaint at: http://www.consumerwatchdog.org/malpractice/pr/?postId=1882.

FTCR called for an SEC investigation this summer when Sen. Frist ordered the well-timed sale of his HCA stock. The Justice Department and SEC are investigating the Senator’s stock sale for insider trading. Read the SEC letter at: http://www.consumerwatchdog.org/resources/Frist_SEC.pdf.

http://www.usnewswire.com/

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/© 2005 U.S. Newswire 202-347-2770/

 

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What these howls of outrage and hurt amount to is that the medical profession is distressed to find its high opinion of itself not shared by writers of [prescription] drug advertising. It would be a great step forward if doctors stopped bemoaning this attack on their professional maturity and began recognizing how thoroughly justified it is.
- Pierre R. Garai (advertising executive) 1963