California Democrat profited from prescription drug price hikes

(MARK RALSTON/AFP via Getty Images)

California Rep. Gil 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%.

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