meta_pixel
Tapesearch Logo
Log in
Freakonomics Radio

336. The Most Vilified Industry in America Is Also the Most Charitable

Freakonomics Radio

Freakonomics Radio + Stitcher

Documentary, Society & Culture

4.632K Ratings

🗓️ 24 May 2018

⏱️ 33 minutes

🧾️ Download transcript

Summary

Pharmaceutical firms donate an enormous amount of their products (and some cash too). But it doesn't seem to be helping their reputation. We ask Pfizer's generosity chief why the company gives so much, who it really helps, and whether all this philanthropy is just corporate whitewashing.

Transcript

Click on a timestamp to play from that location

0:00.0

If I asked you to guess the least popular business sector in the United States, what would you say?

0:07.0

Here's a hint.

0:10.1

The very low approval rating of this industry nearly ties it with the federal government.

0:16.7

According to Gallup, only about a third of Americans give this industry a positive rating.

0:22.3

It is so unpopular that even the very, very unpopular federal government attacks it all

0:28.1

the time.

0:29.9

The decisions of every leaning from Rand Paul, the Republican Senator from Kentucky,

0:35.5

big farm on manipulates the system to keep prices high, to Elizabeth Warren, the Democratic

0:41.5

Senator from Massachusetts.

0:43.4

And a lot of that money that is spent lobbying Congress is to keep drug prices high.

0:49.4

From Donald Trump, the drug companies frankly are getting away with murder.

0:54.6

To Bernie Sanders.

0:55.9

I have been fighting the greed of the prescription drug industry for decades.

1:01.0

And as far as I can tell, the pharmaceutical industry always wins.

1:08.0

And here's an interesting twist.

1:09.7

The pharmaceutical industry is also the most charitable industry in America.

1:15.5

According to a survey by the Chronicle of Philanthropy, the top three American companies for charitable

1:21.3

contributions are Pfizer, Gilead Sciences, and Merck, also in the top ten Bristol-Mires

1:28.3

Squibb and Eli Lilly.

1:30.7

It's hard to imagine that being so charitable is what makes them unpopular.

1:36.9

Probably makes more sense to think that their charity is meant to mitigate their unpopularity,

1:41.7

although it doesn't seem to be working so well.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Freakonomics Radio + Stitcher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Freakonomics Radio + Stitcher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.