Big Pharma CEO Gives Himself $17.3 Million Raise As Drug Prices Skyrocket
Drug giant Pfizer Inc. CEO Ian Read has not only hiked up dozens of drug prices in the last two years, but he has also decided to give himself a hefty 61 percent raise, according to financial filings reported by Bloomberg.
According to Bloomberg, Read gave himself a raise after hiking up drug prices in 2017. The CEO gave himself a total compensation of $27.9 million, $17.3 million more than he had earned the year prior.
Pfizer’s board reportedly approved the compensation boost because they saw it as a “compelling incentive” to keep Read from retiring. As part of the deal, Read has to stay on through at least March 2019 and is barred from working with a competitor for a minimum of two years after that.
According to Bloomberg, Read’s compensation included in part a salary of $1.96 million, a $2.6 million bonus, $13.1 million in equity awards linked to financial goals and stock price, as well as an $8 million special equity award that will vest if the company’s average stock return goes above 25 percent for 30 consecutive trading days before the end of 2022.
Read received his pay raise after Pfizer jacked up the prices of 116 different drugs between December 15, 2017, and January 3, 2018.
The list price increases ranged from 3 percent to 9.46 percent, according to Bloomberg’s findings.
In response to the price hikes reported earlier this year, a Pfizer spokesperson told FiercePharma that the company “takes a measured and responsible approach to pricing.”
While the average American is struggling to buy their prescription drugs, Big Pharma CEO’s are stuffing their pockets. This doesn’t seem right.