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WASHINGTON, DC — Today, pharmaceutical giant AbbVie reported $12.31 billion in revenue in Q1 2024 — all while remaining opposed to a Biden administration program designed to bring down drug prices for consumers. AbbVie CEO Richard Gonzalez has been a vocal critic of Medicare’s new negotiation authority, arguing that the ability to negotiate lower drug costs for patients amounts to “price controls.”

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AbbVie continues to be motivated more by greed than concern for seniors and patients who rely on their medicine. The industry’s fight against Medicare’s new negotiation authority is a clear attempt to keep their price gouging scheme in place. While enjoying near record industry profits, big pharma claims more affordable prescription drugs would be like the sky falling. Industry will be more than fine as more Americans have access to life-saving medications and live longer under this historic Biden administration action.”

Accountable.US Executive Director Tony Carrk

Earlier this week government watchdog Accountable.US shined a light on excessive spending and lobbying by the pharmaceutical industry as it pushes back against President Biden’s historic program granting Medicare authority to negotiate the price of prescription drugs and bring down costs for seniors and families. 

AbbVie—which makes the drugs Humira and Imbruvica—has routinely hiked its prices, increasing Humira by 470% since 2003 and Imbruvica by 82% since 2013. Several reports have found that AbbVie even tied executive compensation and bonuses to revenue growth of Humira. Despite industry objections, the Inflation Reduction Act’s Medicare negotiation program is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025.

A recent national survey commissioned by Accountable.US found Americans overwhelmingly believe cracking down on price gouging by banning junk fees will lower their costs.

 

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