Pandemic Profiteering – How large Pharma, Food and Oil Giants used COVID-19 to gouge consumers

| SamvadaWorld Staff

Data Analysis shows U.S. corporations in the Pharma, food and energy sectors are pushing higher costs onto consumers while earning huge profits. As these companies rake in ever-increasing revenues at the cost of consumers, they are also handing their executives massive pay packages. An analysis by the Food & Water Watch group showed that overall energy costs rose 20% while the price of unleaded gasoline increased by 31.7%.

Tyson Foods, the second-largest chicken, beef, and pork processor in the world—has seen its revenue grow 11% above pre-pandemic levels. Skyrocketing gasoline prices have been major contributors to the overall rise of inflation while the Consumer Price Index jumped by 8.5%. Food & Water Watch says that companies are hiding behind the pandemic and supply chain disruptions as an excuse to gouge consumers.

Many companies have subsequently fattened executive compensation while worker wages have stagnated or even dropped, says Food & Water Watch.

In 2021, Pharma companies like Pfizer more than doubled their annual profits over their 2020 earnings. Vaccine sales accounted for 36.8 billion of the $81.3 billion in annual revenues of Pfizer. The pharma giant has also forecasted more than $50 billion in sales for COVID-19 vaccines and therapeutics by 2022.

Pfizer’s revenue is more than the GDP of most countries, which is now accused of “ripping off public health systems.” Pfizer has been accused of not sharing vaccine recipes, which would allow poorer countries to produce cheaper versions of their products.

Apart from Pharma, Food and Oil Giants, large hospitals are also accused of raking in profits in the name of COVID-19 care. 

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