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s anger rose over prescription drug prices, two Washington lawmakers criticized drug makers for taking advantage of Americans, but wanted numbers to back up their claims. Now a new government report, which they requested, provide those numbers — and also potential ammunition in the fight over drug prices.
From 2006 to 2015, global sales for the pharmaceutical industry, including biotech companies, jumped 45 percent to $775 billion. Two-thirds of all drug makers experienced rising profit margins, which averaged 17 percent in 2015. And from 2008 through 2014, worldwide R&D spending — most of which went to drug development, rather than research — increased 8.5 percent, to $89 billion.
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