GOP Lawmakers Buy Health Insurance Stocks as Repeal Efforts Move Forward

Lee Fang
The Intercept
Originally posted July 6, 2017

Here is an excerpt:

The issue of insider political trading, with members and staff buying and selling stock using privileged information, has continued to plague Congress. It gained national prominence during the confirmation hearings for Health and Human Services Secretary Tom Price, when it was revealed that the Georgia Republican had bought shares in Innate Immunotherapeutics, a relatively obscure Australian biotechnology firm, while legislating on policies that could have impacted the firm’s performance.

The stock advice had been passed to Price from Rep. Chris Collins, R-N.Y., a board member for Innate Immunotherapeutics, and was shared with a number of other GOP lawmakers, who also invested in the firm. Conaway, records show, bought shares in the company a week after Price.

Conaway, who serves as a GOP deputy whip in the House, has a long record of investing in firms that coincide with his official duties. Politico reported that Conaway’s wife purchased stock in a nuclear firm just after Conaway sponsored a bill to deal with nuclear waste storage in his district. The firm stood to directly benefit from the legislation.

Some of the biggest controversies stem from the revelation that during the 2008 financial crisis, multiple lawmakers from both parties rearranged their financial portfolios to avoid heavy losses. In one case, former Rep. Spencer Baucus, R-Ala., used confidential meetings about the unfolding bank crisis to make special trades designed to increase in value as the stock market plummeted.

The article is here.

Big Pharma gives your doctor gifts. Then your doctor gives you Big Pharma’s drugs

Nicole Van Groningen
The Washington Post
Originally posted June 13, 2017

Here is an excerpt:

The losers in this pharmaceutical industry-physician interaction are, of course, patients. The high costs of branded drugs are revenue to drug companies, but out-of-pocket expenses to health-care consumers. Almost a quarter of Americans who take prescription drugs report that they have difficulty affording their medications, and the high costs of these drugs is a leading reason that patients can’t adhere to them. Most branded drugs offer minimal — if any — benefit over generic formulations. And if doctors prescribe brand-name drugs that are prohibitively more expensive than generic options, patients might forgo the medications altogether — causing greater harm.

On a national scale, the financial burden imposed by branded drugs is enormous. Current estimates place our prescription drug spending at more than $400 billion annually, and branded drugs are almost entirely to blame: Though they constitute only 10 percent of prescriptions, they account for 72 percent of total drug spending. Even modest reductions in our use of branded prescription drugs — on par with the roughly 8 percent relative reduction seen in the JAMA study — could translate to billions of dollars in national health-care savings.

The article is here.

Federal ethics chief resigns after clashes with Trump

Lauren Rosenblatt
The Los Angeles Times
Originally posted July 6, 2017

Walter Shaub Jr., director of the U.S. Office of Government Ethics, announced Thursday he would resign, following a rocky relationship with President Trump and repeated confrontations with the administration.

Shaub, appointed by President Obama in 2013, had unsuccessfully pressed Trump to divest his business interests to avoid potential conflicts of interest, something Trump refused to do.

The ethics watchdog also engaged in a public battle with the White House over his demands for more information about former lobbyists and other appointees who had been granted waivers from ethics rules. After initially balking, the White House eventually released the requested information about the waivers.

Shaub called for a harsher punishment for presidential advisor Kellyanne Conway after she flouted ethics rules by publicly endorsing Ivanka Trump’s clothing line during a television appearance.

The article is here.