'Big Pharma gets us coming and going—they charge Americans sky-high prices and they pay absolute rock-bottom taxes, not anywhere near a fair share,' said Sen. RonWyden.
According to the Senate Finance Committee report, the Republican law's GILTI regime"significantly cut pharmaceutical companies' tax rate, sometimes into just single-digits, creating a huge incentive to put profit, investments, and jobs offshore."
The report emphasized that"even compared to other multinationals, Big Pharma's profit-shifting is extreme," surpassing that of"both non-manufacturing companies and manufacturers outside of the pharmaceutical industry.
"Over the four years 2018-2021, the U.S. government has spent an astounding $12 billion under Medicare to help patients cover the cost of Keytruda, effectively subsidizing a major portion of Merck's profits for the drug," the report states."Between 2019 and 2022 Merck sold $37.1 billion worth of Keytruda in the United States, yet little if any of the profits generated by those sales were taxed in the U.S.
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