So taxpayers are subsidizing Big Pharma's TV advertising [View all]

[PatSeg]

I had no idea until I got an email yesterday from my senator, Jeanne Shaheen. It is bad enough that we get bombarded with these annoying and often misleading ads night and day, but apparently we are helping to finance them as well. As if the out of control drug price increases weren't enough! Could they get any greedier?

Have you noticed how it seems like every time you turn on your TV there’s an ad for another prescription drug? Drug companies are spending billions on these ads and inundating the airwaves. This aggressive advertising increases demand so that drug companies can continue to hike up drug prices. Meanwhile, many Granite Staters, particularly seniors, are having to make tough choices, often having to choose between expenses like bills and groceries, and the medications they desperately need.

What’s worse, taxpayers are subsidizing these Big Pharma ad campaigns. Through a loophole in the tax code, drug companies are allowed to deduct the cost of advertising expenses from their federal taxes. This scheme yields an incredible windfall for the drug companies and it needs to end. That’s why today, I introduced legislation, the End Taxpayer Subsidies for Drug Ads Act, to close this egregious loophole in the tax code. It’s long past time that Congress and the Trump administration get serious about addressing prescription drug costs, and this legislation would be a big first step forward. I’ll continue to update you as I rally support for this legislation in Congress.

This is one of many reasons why we need Democratic majorities in both the House and the Senate, as well as a progressive in the White House.