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Small groups of pharmaceutical industry shareholders have pushed for companies to disclose whether higher drug prices fuel lavish bonuses for top executives. But those proposals were handily defeated.

The bottom line: The industry and its largest stockholders are not about to start self-regulating when it comes to drug prices and incentive pay packages.

Driving the news: The shareholder proposals failed by large margins at AbbVieJohnson & JohnsonPfizer and Vertex. Each company vigorously opposed them.

  • Top executives receive cash bonuses based on meeting certain targets, like revenue and earnings per share. Hitting those numbers usually requires companies to sell more drugs, raise prices or both.
  • The proposals would have urged companies to create reports detailing "the extent to which risks related to public concern over drug pricing strategies" are part of executives' bonuses, if at all.

Between the lines: The drug pricing reports would not have been required, and companies would not have been forced to make any changes to bonuses — and the proposals still failed.

Go deeper: Pharma CEOs are among the highest-paid in health care

Go deeper

Mike Allen, author of AM
4 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.

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