Related Stories
The race for a coronavirus vaccine is making some corporate insiders very rich.
Key Excerpts from Article on Website of New York Times
Posted: August 10th, 2020
https://www.nytimes.com/2020/07/27/business/the-race-for-a-c...
Across the pharmaceutical and medical industries, senior executives and board members are making millions of dollars after announcing positive developments, including support from the government, in their efforts to fight Covid-19. After such announcements, insiders from at least 11 companies — most of them smaller firms whose fortunes often hinge on the success or failure of a single drug — have sold shares worth well over $1 billion since March, according to figures compiled for The New York Times. The sudden windfalls highlight the powerful financial incentives for company officials to generate positive headlines in the race for coronavirus vaccines and treatments, even if the drugs might never pan out. Some officials at the Department of Health and Human Services have grown concerned about whether companies are trying to inflate their stock prices by exaggerating their roles in Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19. In some cases, company insiders ... appear to be pouncing on opportunities to cash out while their stock prices are sky high. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. “It is inappropriate for drug company executives to cash in on a crisis,” said Ben Wakana, executive director of Patients for Affordable Drugs. “Every day, Americans wake up and make sacrifices during this pandemic. Drug companies see this as a payday.”
Note: For more along these lines, see concise summaries of deeply revealing news articles on big Pharma corruption and the coronavirus from reliable major media sources.
Related Stories
Latest News
Key News Articles from Years Past
