Young Kim Responds to Reports Gil Cisneros is Profiting from Companies that Hiked Prescription Drugs Prices 

Cisneros is Benefiting from Stock Holdings of Big Pharma as He Claims to Fight Them

Fullerton, CA – Freshman Congressman Gil Cisneros has claimed he is looking out for the healthcare interests of his constituents but a new report shows that he and his foundation have been cashing in on significant holdings in healthcare and pharmaceutical companies. In an article by The Washington Examiner on Friday, it was revealed that Cisneros and his foundation profited from owning stock in companies that increased the prices of arthritis medication by over 1,600% and of insulin by almost 700%. This is just the latest example of Cisneros deceiving, lying, and breaking his promises to the people of the 39th District.

Young Kim responded to the report by pledging to stand for lower healthcare and prescription drug costs and work to increase accessibility to health insurance:

“As the mother of a daughter with a pre-existing condition, I know all too well the challenges that everyday people deal with in our healthcare system and with out of control prescription drug prices. I’ve lived it. Gil Cisneros cashes in on it,” said Young Kim. “I am committed to working towards lowering the cost of healthcare, decreasing prescription drug costs and making healthcare more accessible.”

Friday, The Washington Examiner reported:

“California Rep. Gill Cisneros advocated for lowering the prices of prescription drugs. But financial records show he profited from companies that hiked the price of different medications.

Although the freshman Democrat has said he will fight Big Pharma, records show he banked in through pharmaceutical investments.

Cisneros owned up to nearly $700,000 in pharmaceutical and biotechnology companies in 2019, according to his latest House Financial Disclosure form. He previously had $635,000 in pharmaceutical and biotechnology investments in 2018, according to his 2019 form, and owned up to $1,055,000 in the same industries in 2017.

Records show Cisneros owns hundreds of thousands in stock in the pharmaceutical industry, and his foundation owned stock in one company that increased the price on an arthritis medication by over 1,600% and another that raised the price of insulin by almost 700%.”

Read the full article here.

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