As drug giant Pfizer Inc. hiked the price of dozens of drugs in 2017, it also jacked up the compensation of CEO Ian Read by 61 percent, putting his total compensation at $27.9 million, according to financial filings reported by Bloomberg.
Pfizer’s board reportedly approved the compensation boost because they saw it as a “compelling incentive” to keep Read from retiring. He turns 65 in May. As part of the deal, Read has to stay on through at least next March and is barred from working with a competitor for a minimum of two years after that.
According to Bloomberg, Read’s compensation included in part a salary of $1.96 million, a $2.6 million bonus, $13.1 million in equity awards linked to financial goals and stock price, as well as an $8 million special equity award that will vest if the company’s average stock return goes above 25 percent for 30 consecutive trading days before the end of 2022.
Don’t forget doctors. It is astonishing that we allow thinly-disguised kickbacks to doctors for prescribing addictive drugs. That’s as much pushing as what the neighborhood drug dealer does — and more effective.
The more opioids doctors prescribe, the more money they make
As tens of thousands of Americans die from prescription opioid overdoses each year, an exclusive analysis by CNN and researchers at Harvard University found that opioid manufacturers are paying physicians huge sums of money — and the more opioids a doctor prescribes, the more money he or she makes.