Thursday, May 16, 2019

Federal Trade Commission: Stop the Big Pharma mega-merger

Petition to the Federal Trade Commission:
"The FTC must investigate and block the attempt by Bristol-Myers Squibb to buy out Celgene. This would be the largest pharmaceutical merger ever, and as with past mergers, the result will be less innovation and much higher prescription drug costs for the public. This mega-merger will block the development and sale of affordable drugs and reduce competition precisely at the moment we need more of it. We urge you to stop this mega-merger."
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Now, two companies that produce life-saving cancer medicines are poised to become one in the biggest Big Pharma merger ever.1  Big Pharma tripled the price of insulin, made Epi-Pens completely unaffordable and jacked up the price of arthritis medications.
The Bristol-Myers Squibb bid to buy Celgene would be a disaster for cancer patients and everyone else – and the Federal Trade Commission has the power to stop it.
Bristol-Meyers Squibb shareholders recently approved a $74 billion deal to take over rival pharmaceutical company Celgene. If approved by regulators like the FTC, the merger would combine two of the world's biggest cancer drug businesses in the biggest Big Pharma deal in history.2
Every time Big Pharma gets bigger, the rest of us suffer. Fewer companies means less competition and higher prices. Big Pharma grows more profitable, but companies rarely invest in more innovation. One recent study found that taxpayer funding helped develop every single one of the 210 new FDA-approved medicines between 2010 and 2016. We are investing in new cures while Big Pharma spends more on advertising than research and development and ridiculously claims that companies need obscene profits from merged companies to fund new cures.3
Big Pharma monopolies do have one advantage: Spending more on lobbyists. Big Pharma companies use their clout and financial power to fund superPACs, lobby against reforms that would lower the price of pharmaceutical drugs and campaign against Medicare for All.
This history-making disaster won't become a reality unless the FTC approves the merger. There is still time to convince commissioners to oppose it and to force the issue into the political conversation, but we cannot wait to raise our voices.
Tell the Federal Trade Commission: Stop the Big Pharma mega-merger. Click below to sign the petition:
- Josh Nelson, CREDO Action
Add your name:
Sign the petition ►
  1. Jared S. Hopkins, "Bristol-Myers Shareholders Approve $74 Billion Deal For Celgene," The Wall Street Journal, April 12, 2019.
  2. Ibid.
  3. Zach Carter, "Bernie Sanders And Ro Khanna Have A New Plan To Tackle Prescription Drug Rip-Offs," HuffPost, Nov. 19, 2018.
More Information:

Bristol-Myers Squibb Shareholders Approve Celgene Acquisition - Bristol-Myers Squibb press release

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