“According to one study, from 2016 to 2020, pharmaceutical companies spent $577 billion in stock buybacks and dividends — $56 billion more than what they spent on all research and development over that same period of time.”
What Washington Post found
A common way to measure a company’s investment in research and development is as a percentage of revenue. Drug companies are are at or near the top of industries that invest in research and development.
Their words, from the summary they publish with the rating.
In short
Joe Biden (President) made this claim around 12 August 2021. Washington Post (United States) looked into it and published its finding on 17 August 2021, 5 days later. Its rating was “Lacks context”.
Joe Biden has 509 checked claims in this archive. Fact-checking organisations rated 140 of them false or fake, 281 misleading or mixed and 34 true.
Where the claim appeared
- whitehouse.govhttps://www.whitehouse.gov/briefing-room/speeches-remarks/2021/08/12/remarks-by-president…
Links recorded by Washington Post. Some posts may have been deleted since.
This check was done by Washington Post, not by DoesItStand. We list it so you can find it. Their full evidence and reasoning are in their article.