'This Absurdity Must End,' Sanders Says of Study Highlighting Healthcare Industry Greed

Responding to a new study showing that leading health services companies made $2.7 trillion in profits and spent $2.6 trillion on stock buybacks and dividends in the years 2001-22, U.S. Sen. Bernie Sanders on Wednesday vowed to continue "to take on the unprecedented level of corporate greed in our healthcare system."

The study, published this week by the Journal of the American Medical Association, noted the "growing concern that a large proportion of U.S. healthcare spending appears to be directed to corporate shareholders rather than enhancing affordable access, improving quality of care, or advancing research and development."

Sanders (I-Vt.)—the ranking member of the Senate Committee on Health, Education, Labor, and Pensions—said in a statement that "it is absolutely unacceptable that since 2001, the top healthcare companies in America spent 95% of their profits, $2.6 trillion, not to make Americans healthy, but to make their CEOs and stockholders obscenely rich."

"The function of a rational healthcare system is to guarantee quality healthcare to all, not huge payouts for stockholders and executives in the drug and insurance industries," Sanders asserted. "None of this money was used to search for new treatments and cures, to lower prices, or to improve patient care. That has got to change."

The senator continued:

This study confirms that the greatest waste, fraud, and abuse in this country is corporate greed. Unfortunately, instead of working with Congress on this real issue, [U.S. President Donald] Trump and [Department of Government Efficiency leader Elon] Musk have launched an immoral and unconstitutional attack on the Department of Health and Human Services.

Instead of taking on the greed of the pharmaceutical industry, Trump and Musk are taking away AIDS treatment from poor people.

Instead of taking on the for-profit insurance industry, Trump and Musk are making it harder for working-class Americans to get the healthcare they need through Medicaid and community health centers.

"This absurdity must end," Sanders stressed. "As the ranking member of the Senate Health, Education, Labor, and Pensions Committee, I will do everything I can to take on the unprecedented level of corporate greed in our healthcare system."

Last month, Sanders—who twice sought the Democratic presidential nomination on a platform centering Medicare for All—unveiled a nine-point "Make America Healthy Again" plan in response to Health and Human Services secretary nominee Robert F. Kennedy Jr.'s variation on Trump's "Make America Great Again" slogan.