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How Is Pharma Spending Tax Savings? Not On Drug Pricing, Sen. Booker Says

 
• By Mandy Jackson

As pharma invests its bounty from last year's tax reform in stock buybacks, capital improvements and other investments, Sen. Cory Booker issues a report suggesting companies should lower drug prices instead, but does not offer recommendations for how that might be done.

Hydrocodone prescription bottle. Hydrocodone is a generic medication name and label was created by photographer.

New Jersey Senator Cory Booker issued a report on April 10 noting that 10 big pharma and biotech companies have decided to use their windfalls from last year's tax reform legislation for stock buybacks and other investments rather than reducing the prices for their drugs.

On the same day, Pfizer Inc. and Amgen Inc. both announced significant infrastructure investments, in line with how the companies have said they will spend some of the...

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