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Pharmaceutical Corruption Media Articles

Below are key excerpts of revealing news articles on pharmaceutical industry corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.

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The ‘very, very bad look' of remdesivir, the first FDA-approved COVID-19 drug
2020-10-28, Science
https://www.science.org/content/article/very-very-bad-look-remdesivir-first-f...

October was a good month for Gilead Sciences, the giant manufacturer of antivirals. On 8 October, the company inked an agreement to supply the European Union with its drug remdesivir as a treatment for COVID-19—a deal potentially worth more than $1 billion. Two weeks later, on 22 October, the U.S. Food and Drug Administration (FDA) approved remdesivir for use against the pandemic coronavirus SARS-CoV-2 in the United States. Both decisions baffled scientists who have closely watched the clinical trials of remdesivir unfold. At best, one large, well-designed study found remdesivir modestly reduced the time to recover from COVID-19 in hospitalized patients with severe illness. A few smaller studies found no impact of treatment on the disease whatsoever. Then ... the World Health Organization's (WHO's) Solidarity trial showed that remdesivir does not reduce mortality or the time COVID-19 patients take to recover. Both [the] FDA's decision and the EU deal came about under unusual circumstances that gave the company important advantages. FDA never consulted a group of outside experts that it has at the ready to weigh in on complicated antiviral drug issues. The European Union, meanwhile, decided to settle on the remdesivir pricing exactly 1 week before the disappointing Solidarity trial results came out. Gilead, having donated remdesivir to the trial, was informed of the data on 23 September and knew the trial was a bust.

Note: Remdesivir had never been approved by the FDA for use before Oct. 2020, yet was rushed through the approval process, while Nobel-prize winning drug Ivermectin was all but banned, even though there was minimal evidence of harm. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


Trump Sets Up Pharma Billionaires for Coronavirus Payday
2020-10-23, The Intercept
https://theintercept.com/2020/10/23/trump-covid-19-pharma-regeneron-coronavir...

The development of the antibody cocktail used to treat President Donald Trump for Covid-19 — which he heralded as a cure for the disease — was funded largely by the U.S. government, yet the Trump administration has apparently failed to set any guarantees that the treatment would be affordable. The biopharmaceutical company Regeneron, led by the two highest paid executives in the industry, received hundreds of millions in public funds during the research and development of the antibody therapy, and now stands to make a killing from its potentially lifesaving treatment. In January ... Regeneron struck an agreement with a division of Department of Health and Human Services known as the Biomedical Advanced Research and Development Authority, or BARDA, to receive up to $81 million for work on antibodies that would prevent Covid-19 from infecting cells by attaching to the spikes on its surface. The two antibodies Regeneron chose were developed using cell lines that were derived from the kidney tissue of an aborted fetus. The January contract [lacks] a standard clause that ensures interventions developed with government funding are available to the public “on reasonable terms.” While Trump promised that the government would provide the antibody cocktail to Americans for free, drug pricing efforts say that many people probably won’t have access to the treatment at all, let alone at an affordable price. “You have massive public investment, but ... it doesn’t benefit public health,” [said drug pricing expert Zain Rizvi].

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and Big Pharma profiteering from reliable major media sources.


OxyContin Maker Purdue to Plead Guilty Over Opioid Practices, Deal Sparks Opposition
2020-10-21, US News & World Report/Reuters
https://www.usnews.com/news/top-news/articles/2020-10-21/oxycontin-maker-purd...

Purdue Pharma LP agreed to plead guilty to criminal charges over the handling of its addictive prescription opioid OxyContin, in a deal with U.S. prosecutors that effectively sidestepped paying billions of dollars in penalties and stopped short of criminally charging its executives or wealthy Sackler family owners. Prosecutors imposed significant penalties exceeding $8 billion against Purdue, though the lion's share will go largely unpaid. Purdue agreed to pay $225 million toward a $2 billion criminal forfeiture, with the Justice Department foregoing the rest if the company completes a bankruptcy reorganization dissolving itself and shifting assets to a "public benefit company," or similar entity, that steers the $1.775 billion unpaid portion to thousands of U.S. communities suing it over the opioid crisis. A $3.54 billion criminal fine and $2.8 billion civil penalty are likely to receive cents on the dollar as they compete with trillions of dollars of other claims from those communities and other creditors in Purdue's bankruptcy proceedings. Members of the billionaire Sackler family who own Purdue agreed to pay a separate $225 million civil penalty for allegedly causing false claims for OxyContin to be made to government healthcare programs such as Medicare, according to court records. Neither the Sacklers nor any Purdue executives were criminally charged. Purdue reaped more than $30 billion from sales of OxyContin over the years, enriching Sackler family members while funneling illegal kickbacks to doctors and pharmacies.

Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.


Mighty whiteboard of truth: The weapon Rep. Katie Porter used to school a pharma exec and plenty others
2020-10-01, Washington Post
https://www.washingtonpost.com/nation/2020/10/01/katie-porter-whiteboard-math...

Rep. Katie Porter (D-Calif.) got out her marker and scrawled a figure on the whiteboard beside her: $13 million. Do you know what this number is? she asked Mark Alles, the former CEO of the pharmaceutical company Celgene, as he testified remotely before the House Oversight Committee on Wednesday. Does it ring any bells? Alles could hardly get his answer out before Porter scribbled more math on the board. That multimillion figure his total compensation in 2017 was already 200 times the average income in the United States, the congresswoman pointed out. It got even larger, she said, after Celgene needlessly tripled the cost of a cancer medication, thus securing himself hefty bonuses in return. As of early Thursday, the rapid-fire interrogation had been viewed more than 15 million times on Twitter the latest in a long list of her viral cross-examinations. These stunning exchanges at congressional hearings have themselves gained plenty of attention beyond Capitol Hill especially when Porter pulls out what one person on Twitter dubbed her mighty whiteboard of truth. It is this kind of clear, insistent inquiry that has made Porter a consumer protection lawyer ... who studied bankruptcy law under Sen. Elizabeth Warren (D-Mass.) so effective at grilling everyone from Mark Zuckerberg to little-known Trump appointees, all with a dry-erase marker and some simple math. No one has ever wielded a weapon as terrifying as Katie Porters whiteboard, wrote Molly Wood, a public radio journalist.

Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.


AstraZeneca, Under Fire for Vaccine Safety, Releases Trial Blueprints
2020-09-19, New York Times
https://www.nytimes.com/2020/09/19/health/astrazeneca-vaccine-safety-blueprin...

AstraZeneca revealed details of its large coronavirus vaccine trials on Saturday, the third in a wave of rare disclosures by drug companies under pressure to be more transparent about how they are testing products that are the world’s best hope for ending the pandemic. Polls are finding Americans increasingly wary of accepting a coronavirus vaccine. Experts have been particularly concerned about AstraZeneca’s vaccine trials, which began in April in Britain, because of the company’s refusal to provide details about serious neurological illnesses in two participants, both women, who received its experimental vaccine in Britain. Those cases spurred the company to halt its trials twice, the second time earlier this month. The studies have resumed in Britain, Brazil, India and South Africa, but are still on pause in the U.S. About 18,000 people worldwide have received AstraZeneca’s vaccine so far. The company has released few details about the two cases of serious illness in its trial. The first participant received one dose of the vaccine before developing inflammation of the spinal cord, known as transverse myelitis. The condition can cause weakness in the arms and legs, paralysis, pain and bowel and bladder problems. The company said it had not confirmed a diagnosis in the second case, a participant who got sick after the second dose of the vaccine. A person familiar with the situation who spoke with The Times on the condition of anonymity said the participant’s illness had been pinpointed as transverse myelitis.

Note: Why won’t the company let the two who became seriously ill speak to the media? And why initially did they hide the fact that the illnesses were serious? And why are top vaccine executives now dumping their shares of stocks? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and Big Pharma corruption from reliable major media sources.


Moderna Executives' Stock Sales Raise Concerns
2020-09-04, NPR
https://www.npr.org/2020/09/04/908305074/bad-optics-or-something-more-moderna...

Whether the coronavirus vaccine developed by Moderna succeeds or not, executives at the small biotech company have already made tens of millions of dollars by cashing in their stock. An NPR examination of official company disclosures has revealed additional irregularities and potential warning signs. Since January, CEO Stéphane Bancel has sold roughly $40 million worth of Moderna stock; Chief Medical Officer Tal Zaks has sold around $60 million; and President Stephen Hoge has sold more than $10 million. The stock sales first came to widespread notice after Moderna announced positive early data from a vaccine trial in May. At that point, the company's share price jumped and official disclosures showed executives cashing in their shares for millions of dollars. Advocates have questioned whether it's appropriate for executives to privately profit before bringing the vaccine to market, especially when American taxpayers have committed roughly $2.5 billion to the company's vaccine development. Moderna says its executives pre-scheduled their stock sales long in advance. Those schedules - known as 10b5-1 plans - can act as a defense to charges of insider trading. But the plans have to be put in place when executives do not have confidential inside information. NPR has found multiple executives adopted or modified their plans just before key announcements about the company's vaccine. That has raised questions about whether they were aware of nonpublic information when they planned their stock trades.

Note: Explore a revealing NBC article titled “Secret, powerful panels will pick Covid-19 vaccine winners.” For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and Big Pharma corruption from reliable major media sources.


Big Pharma’s Covid-19 Profiteers
2020-08-13, Rolling Stone
https://www.rollingstone.com/politics/politics-features/big-pharma-covid-19-p...

What Americans need to understand about the race to find vaccines and treatments for Covid-19 is that in the U.S., even when companies appear to downshift from maximum greed levels — and it’s not at all clear they’ve done this with coronavirus treatments — the production of pharmaceutical drugs is still a nearly riskless, subsidy-laden scam. Americans reacted in horror five years ago when a self-satisfied shark of an executive named Martin Shkreli, a.k.a. the “Pharma Bro,” helped his company, Turing Pharmaceuticals, raise the price of lifesaving toxoplasmosis drug Daraprim from $13.50 to $750 per pill. Shkreli, who smirked throughout congressional testimony ... was held up as a uniquely smug exemplar of corporate evil. Really, the whole industry is one big Shkreli, and Covid-19 — a highly contagious virus with unique properties that may require generations of vaccinations and booster shots — looms now as the ultimate cash cow for lesser-known Pharma Bros. “The power of the industry combined with fear is driving extraordinary spending,” says U.S. Rep. Lloyd Doggett (D-Texas), who has been ... warning about pandemic profiteering. “It all suggests rosy times ahead for the pharmaceutical industry.” Recent House and Senate emergency-spending bills allocate as much as $20 billion or more for vaccine development, and another $6 billion for manufacturing and distribution. “The public will pay for much research and manufacturing,” says Doggett. “Only the profits will be privatized.”

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and Big Pharma profiteering from reliable major media sources


The race for a coronavirus vaccine is making some corporate insiders very rich.
2020-07-27, New York Times
https://www.nytimes.com/2020/07/27/business/the-race-for-a-coronavirus-vaccin...

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.


Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine
2020-07-25, MSN News
https://www.msn.com/en-us/money/companies/corporate-insiders-pocket-dollar1-b...

On June 26, a small South San Francisco company called Vaxart made a surprise announcement: A coronavirus vaccine it was working on had been selected by the U.S. government to be part of Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19. The race is on to develop a coronavirus vaccine, and some companies and investors are betting that the winners stand to earn vast profits from selling hundreds of millions — or even billions — of doses to a desperate public. 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. Senior officials appear to be pouncing on opportunities to cash out. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. Some companies are attracting government scrutiny for ... using their associations with Operation Warp Speed as marketing ploys. Vaxart’s news release declared: “Vaxart’s Covid-19 Vaccine Selected for the U.S. Government’s Operation Warp Speed.” But Vaxart is not among the companies selected to receive significant financial support from Warp Speed.

Note: MSN strangely removed this article a few days after posting it. A similar article by the New York Times titled "The race for a coronavirus vaccine is making some corporate insiders very rich" is available here. 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.


Moderna executives hiked their stock sales after announcing positive vaccine trial
2020-07-21, CBS News
https://www.cbsnews.com/news/moderna-executives-increased-stock-sales-after-c...

Moderna CEO St©phane Bancel more than tripled the number of his company shares to be sold through an executive stock plan that was changed just days after the biotech in May announced positive early results for its coronavirus vaccine. Moderna's shares spiked on the May news, rising 30% in just one day. After seeking the executive stock plan change in May, Bancel sold more than 72,000 Moderna shares in the first 16 days of July, generating nearly $4.8 million for the executive. That was more than triple the 22,000 shares he had previously scheduled to sell during the same period through the company's executive trading plan. Another top Moderna executive, President Stephen Hoge, also had his pre-programmed executive trading plan reset around the same time. The change allowed him to sell $1.9 million worth of Moderna stock in the first two weeks of July. The executives' ... sales were made through what are known as 10b5-1 stock plans. These arrangements must be set up or amended at least 30 days before any transactions are executed; they are commonly used at publicly traded companies to help shield executives from potential claims of insider trading. The fact that the plans were changed during the pandemic as news was emerging about the company's closely watched coronavirus vaccine raises new questions about how Moderna executives have pocketed millions of dollars in recent months.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and Big Pharma profiteering from reliable major media sources.


Lawyers seek to halt Purdue Pharma political contributions
2020-07-11, Associated Press
https://apnews.com/0f5546a3fb25e50f029bdd1ec8a4424a

OxyContin maker Purdue Pharma should not be able to make any more political contributions without a judges permission, lawyers for its creditors said in a court filing. The issue came up this week after it was reported that the company, which has a long history of influencing policymakers, made contributions to national associations representing state attorneys general and governors. The money was sent after Purdue entered bankruptcy protection last year in an effort to settle thousands of lawsuits accusing it of helping spark an opioid addiction and overdose epidemic that has contributed to more than 400,000 deaths in the U.S.. State attorneys general are among those trying to negotiate a nationwide settlement. The committee of creditors that asked for recipients to return the money to Purdue said the contributions represent a conflict. The Political Contributions $185,000 in donations to associations whose members include the very public servants with whom the Debtors are attempting to negotiate a consensual resolution of these cases are precisely the sort of transaction that demand close scrutiny, they said in a filing. In 2016, an investigation by The Associated Press and the Center for Public Integrity found that Purdue and other companies in the opioid industry, along with the advocacy groups largely funded by the industry, spent more than $880 million from 2006 through 2015 to influence state and local governments. Those efforts helped fight off restrictions on drug prescriptions.

Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.


A plasma shot could prevent coronavirus. But feds and makers won't act, scientists say
2020-07-10, MSN News
https://www.msn.com/en-us/health/medical/a-plasma-shot-could-prevent-coronavi...

Scientists have devised a way to use the antibody-rich blood plasma of COVID-19 survivors for an upper-arm injection that they say could inoculate people against the virus for months. Using technology that's been proven effective in preventing other diseases such as hepatitis A, the injections would be administered to high-risk healthcare workers, nursing home patients, or even at public drive-through sites. But the idea exists only on paper. Federal officials have twice rejected requests to discuss the proposal, and pharmaceutical companies even acknowledging the likely efficacy of the plan have declined to design or manufacture the shots. The antibodies in plasma can be concentrated and delivered to patients through a type of drug called immune globulin, or Ig, which can be given through either an IV drip or a shot. Yet for the coronavirus, manufacturers are only developing an intravenous solution of Ig. Intravenous plasma products are traditionally the main economic driver for the industry. The money-making antibodies are also far more diluted in intravenous drugs than in injectable ones, which boosts profit margins. They charge a fortune off of intravenous drugs in the hospital. They don't want to devote the manufacturing plant to something that won't make oodles of money, said one infectious disease expert. Researchers also said industry executives have little incentive to produce the immunity shots for the coronavirus, given the possibility that a longer-lasting vaccine could replace it within a year.

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.


It was his dream job. He never thought he'd be bribing doctors and wearing a wire for the feds.
2020-07-07, NBC News
https://www.nbcnews.com/business/economy/it-was-his-dream-job-he-never-though...

When Oswald Bilotta landed his dream job as a sales representative for Novartis Pharmaceuticals in 1999, he thought he'd be doing good. He had no idea that just over a decade later, he'd be part of a vast federal investigation into kickbacks at Novartis and that he'd be paying cash bribes to doctors while wearing a wire for prosecutors. On July 1, Ozzie Bilotta's years long effort to blow the whistle at Novartis paid off. The Justice Department announced a $678 million settlement with the company over improper inducements it made to doctors to prescribe 10 of the company's drugs, including the anti-hypertension drug Lotrel. The deal represents the biggest whistleblower settlement under the federal anti-kickback law, Bilotta's lawyer said. Bilotta ... could receive a pretax sum of $75 million through the settlement. In the settlement, Novartis admitted to "certain conduct" alleged by the government and will sharply curtail practices exposed by Bilotta that gave doctors incentives to prescribe its drugs. Novartis derived at least $40 million as a result of the conduct, money that was paid by federal health care programs, the government said. "For more than a decade, Novartis spent hundreds of millions of dollars on so-called speaker programs, including speaking fees, exorbitant meals, and top-shelf alcohol that were nothing more than bribes to get doctors across the country to prescribe Novartis's drugs," said Audrey Strauss, the acting U.S. attorney for southern New York, whose office prosecuted the case.

Note: For more along these lines, see concise summaries of deeply revealing news articles on big Pharma corruption from reliable major media sources.


Gilead's $2,340 price for coronavirus drug draws criticism
2020-06-29, San Francisco Chronicle/Associated Press
https://www.sfgate.com/news/article/Gilead-prices-coronavirus-drug-at-2-340-f...

The maker of a drug shown to shorten recovery time for severely ill COVID-19 patients says it will charge $2,340 for a typical treatment course for people covered by government health programs in the United States and other developed countries. Gilead Sciences announced the price Monday for remdesivir, and said the price would be $3,120 for patients with private insurance. The amount that patients pay out of pocket depends on insurance, income and other factors. The price was swiftly criticized; a consumer group called it an outrage because of the amount taxpayers invested toward the drug's development. In 127 poor or middle-income countries, Gilead is allowing generic makers to supply the drug; two countries are doing that for around $600 per treatment course. The drug, given through an IV, interferes with the coronaviruss ability to copy its genetic material. In a U.S. government-led study, remdesivir shortened recovery time by 31% 11 days on average versus 15 days for those given just usual care. Peter Maybarduk, a lawyer at the consumer group Public Citizen, called the price an outrage. Remdesivir should be in the public domain because the drug received at least $70 million in public funding toward its development, he said. The price puts to rest any notion that drug companies will do the right thing because it is a pandemic, Dr. Peter Bach, a health policy expert ... said. The price might have been fine if the company had demonstrated that the treatment saved lives. It didnt.

Note: The March coronavirus package passed in the U.S. "not only omitted language that would have limited drug makers intellectual property rights, it specifically prohibited the federal government from taking any action if it has concerns that the treatments or vaccines developed with public funds are priced too high." While many suffer economically from the virus, big Pharma is raking in big bucks. 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.


Before the pandemic, top contractor received billions from government to help prepare the nation for biowarfare
2020-06-17, Washington Post
https://www.washingtonpost.com/investigations/before-the-pandemic-top-contrac...

The Trump administration this month announced that one of its largest pandemic-related contracts would go to a little-known biodefense company named Emergent BioSolutions. The $628 million deal to help manufacture an eventual vaccine cemented Emergent's status as the highest-paid and most important contractor to the HHS office responsible for preparing for public health threats and maintaining the government's stockpile of emergency medical supplies. Emergent has long been the government's sole provider of BioThrax, a vaccine for anthrax poisoning. Emergent's advocacy for biodefense spending over more than a decade was aided by influential allies in Washington and tens of millions of dollars in lobbying campaigns. "It has strategically placed itself to be, let's just say, the company that can't fail," said a former senior government official who worked with Emergent on stockpile operations. The company that would become Emergent began as BioPort Corp., formed in 1998 to buy an aging, state-owned company in Lansing, Mich., that was the only licensed supplier of anthrax vaccine to the Pentagon. The Pentagon ... awarded a $29 million no-bid contract for the anthrax vaccine, BioThrax. Controversy swamped the operation. Hundreds of U.S. troops who received the BioThrax treatment complained of bad reactions, such as headaches and nerve problems. Some troops risked courts-martial by refusing vaccination. Emergent spent nearly $4 million on lobbying last year alone.

Note: To understand the huge influence of lobbying and profits on the development and stockpiling of vaccines, don't miss reading this entire, eye-opening article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption and vaccines from reliable major media sources.


Court strikes down Trump rule that drugmakers disclose price
2020-06-17, ABC News/Associated Press
https://abcnews.go.com/Business/wireStory/court-strikes-trump-rule-drugmakers...

In a major legal setback for President Donald Trump on a high-profile consumer issue, a federal appeals court has ruled that his administration lacks the legal authority to force drug companies to disclose prices in their TV ads. Where most plans to overhaul the cost of drugs are complex, mandating that companies disclose prices is something any consumer can relate to. Separate from the court case, legislation that would lower drug costs for Medicare beneficiaries with high bills is stuck in Congress. There's also a separate bill that would mandate drug companies to disclose their prices in consumer advertising. On TV ads, the unanimous decision by a panel of the U.S. Court of Appeals for the District of Columbia Circuit did not address a core argument of the pharmaceutical industry, that forcing companies to disclose their prices in advertising violates their free speech rights. Instead the three-judge panel ruled that the Department of Health and Human Services overstepped its legal authority by requiring disclosure under the umbrella of its stewardship of Medicare and Medicaid. When the disclosure rule was announced last year, administration officials were confident that it would be in effect by now. Drug pricing details were expected to appear in text toward the end of commercials.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and Big Pharma profiteering from reliable major media sources.


Moderna's coronavirus vaccine announcement set off a frenzy on Wall Street. Now some are calling for an investigation
2020-06-01, CNN News
https://www.cnn.com/2020/06/01/business/moderna-vaccine-stock-sales-invs/inde...

Moderna set off a frenzy on Wall Street earlier this month when it announced positive, preliminary results from its coronavirus vaccine trial. As the hype grew, the young biotech company and its leading investor wasted no time capitalizing on the briefly surging stock price. Even as critics accused Moderna of overhyping the results released on May 18, a series of transactions were executed before its share price fizzled over the next week. The timing of those deals, former SEC officials said, appear to be "highly problematic" and should be investigated for potential illegal market manipulation. Just hours after revealing the promising vaccine results, Moderna (MRNA) sold 17.6 million shares to the public. That share sale, unveiled after the closing bell on May 18, was priced at $76; Moderna traded at just $48 as recently as May 6. The deal instantly raised $1.3 billion. Two of Moderna's top executives also cashed in on the boom at their company, which had suddenly amassed a $29 billion market value despite the fact it has no marketed products. By the time the selling was disclosed to the public via securities filings, Moderna's stock price had crashed back to Earth. The timing of the transactions - coupled with concerns from some medical experts that Moderna overstated the significance of its Phase 1 vaccine trial - should be investigated by authorities. Thomas Gorman, [a] former SEC official, said the agency should "absolutely" be investigating the situation at Moderna.

Note: Why didn't the media report that the Moderna vaccine trial had a 20% serious injury rate in the high dose group? Learn about this and much more in this revealing article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.


Taxpayers paid to develop remdesivir but will have no say when Gilead sets the price
2020-05-26, MSN News
https://www.msn.com/en-us/news/us/taxpayers-paid-to-develop-remdesivir-but-wi...

The drug that buoyed expectations for a coronavirus treatment and drew international attention for Gilead Sciences, remdesivir, started as a reject. To make progress, Gilead needed help from U.S. taxpayers. Lots of help. Three federal health agencies were deeply involved in remdesivirs development every step of the way, providing tens of millions of dollars of government research support. Federal agencies have not asserted patent rights to Gileads drug. That means Gilead will have few constraints other than political pressure when it sets a price. Without direct public investment and tax subsidies, this drug would apparently have remained in the scrapheap of unsuccessful drugs, Rep. Lloyd Doggett (D-Tex.) ... said earlier this month. Doggett and Rep. Rosa L. DeLauro (D-Conn.) have asked Health and Human Services Secretary Alex Azar for a detailed financial accounting of federal support for remdesivirs discovery and development. Watchdog groups ... have documented the large taxpayer-funded contributions toward the drug. Public Citizen estimates public investment at a minimum of $70 million. An independent organization that measures the cost-effectiveness of drugs said Gilead could be justified in charging up to $4,500 for a 10-day course of treatment for a single coronavirus patient. But advocates, citing a study by academic researchers on what it costs to make the drug, have said Gilead could break even by charging $1 per dose.

Note: According to this CNBC article Gilead is charging from $2,000 to $3,120 per patient despite huge subsidies. Gilead is the same company which developed Tamiflu and licensed it to Roche. Aggressive sales of Tamiflu to governments around the world brought profits of over $1 billion yet almost none of the doses sold were ever used, as described in this Reuters article. The study that is being used to tout Remdesivir was conducted by none other than Gilead. Could there be conflict of interest here? For more, see summaries of revealing news articles on big Pharma corruption.


Trump’s Vaccine Chief Has Vast Ties to Drug Industry, Posing Possible Conflicts
2020-05-21, MSN News
https://www.msn.com/en-us/news/politics/trump-s-vaccine-chief-has-vast-ties-t...

The chief scientist brought on to lead the Trump administration’s vaccine efforts has spent the last several days trying to disentangle pieces of his stock portfolio and his intricate ties to big pharmaceutical interests. The scientist, Moncef Slaoui, is a venture capitalist and a former longtime executive at GlaxoSmithKline. Most recently, he sat on the board of Moderna, a Cambridge, Mass., biotechnology firm with a $30 billion valuation that is pursuing a coronavirus vaccine. He resigned when President Trump named him last Thursday to the new post as chief adviser for Operation Warp Speed, the federal drive for coronavirus vaccines and treatments. Just days into his job, the extent of Dr. Slaoui’s financial interests in drug companies has begun to emerge: The value of his stock holdings in Moderna jumped nearly $2.4 million, to $12.4 million when the company released preliminary, partial data from an early phase of its candidate vaccine trial. Dr. Slaoui did not come on board as a government employee. Instead, he is on a contract ... that leaves him exempt from federal disclosure rules that would require him to list his outside positions, stock holdings and other potential conflicts. And the contract position is not subject to the same conflict-of-interest laws and regulations that executive branch employees must follow. Dr. Slaoui ... is not the first Trump administration official with close relationships to drug and health care companies. Alex M. Azar II, the health and human services secretary, is a former Eli Lilly executive.

Note: If the above link fails, this article is also available here. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in Big Pharma from reliable major media sources.


Banks Pressure Health Care Firms to Raise Prices on Critical Drugs, Medical Supplies for Coronavirus
2020-03-19, The Intercept
https://theintercept.com/2020/03/19/coronavirus-vaccine-medical-supplies-pric...

Investment bankers have pressed health care companies on the front lines of fighting the novel coronavirus, including drug firms developing experimental treatments and medical supply firms, to consider ways that they can profit from the crisis. The largest voices in the health care industry stand to gain from billions of dollars in emergency spending on the pandemic, as do the bankers and investors who invest in health care companies. Over the past few weeks, investment bankers have been candid on investor calls and during health care conferences about the opportunity to raise drug prices. Executives joked about using the attention on Covid-19 to dodge public pressure on the opioid crisis. Health and Human Services Secretary Alex Azar previously served as president of the U.S. division of drug giant Eli Lilly and on the board of the Biotechnology Innovation Organization, a drug lobby group. During a congressional hearing ... Azar rejected the notion that any vaccine or treatment for Covid-19 should be set at an affordable price. “We can’t control that price because we need the private sector to invest,” said Azar. “The priority is to get vaccines and therapeutics. Price controls won’t get us there.” The initial $8.3 billion coronavirus spending bill passed in early March ... contained a provision that prevents the government from delaying the introduction of any new pharmaceutical to address the crisis over affordability concerns. The legislative text was shaped, according to reports, by industry lobbyists.

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