Just another day in Washington….
An analysis by Accountable.US revealed that the pharmaceutical industry has spent over $205 million since President Biden began his term, lobbying and resisting lower drug prices for seniors and families.
The data also revealed that Big Pharma executives were compensated over $292.6 million as a result of high profits.
A whopping $149 million was spent in lobbying aimed specifically at drug pricing and more than $57 million in television, cable, radio, and social media ads against Medicare price negotiations.
For Big Pharma, this is chump change.
A couple of hundred million dollars spent in lobbying to ensure their prices remain high and profitable is worth every penny.
The global pharmaceutical industry raked in over $1.27 TRILLION U.S. dollars in 2020.
The pandemic proved to be a very lucrative opportunity for the pharmaceutical industry.
Big Pharma made tremendous profits from the pandemic.
According to Dr. Michelle McMurry-Heath, the president of the Biotechnology Innovation Organization, the Inflation Reduction Act “could propel us light-years back into the dark ages of biomedical research.”
Venture capitalists and others against the bill say that it “immediately will halt private funding of drug discovery and development.”
Steve Ubl, leader of the ubiquitous Pharmaceutical Research and Manufacturers of America, or PhRMA, called the bill’s Senate passage a “tragic loss for patients.”
In an interview with Politico Ubl threatened to make politicians suffer if they voted for the measure, saying that “few associations have all the tools of modern political advocacy at their disposal in the way that PhRMA does.”
In the past 12 months, PhRMA and other allies spent over $57 million with $19 million of it since July on TV, cable, radio, and social media ads opposing price negotiations, according to monitoring by the advocacy group Patients for Affordable Drugs.
PhRMA spent over $100 million this year hiring 1,500 lobbyists on Capitol Hill.
It’s a very lucrative career path for those interested in a career change.
According to Liz Zelnick, a spokesperson for Accountable.US:
“Big Pharma spent massive sums to maintain the broken status quo where drug companies could charge whatever they please while millions of seniors are left to choose between food and medicine.”
“Medicare finally being allowed to harness its bulk purchasing power will save lives.”
“The same big drug companies that claim they can’t afford to offer fairer prices have continued to break profit records and enrich a small group of wealthy investors on the backs of patients in need for years — all while paying virtually nothing in taxes. Industry opposition to lower drug prices has always been about squeezing maximum profits out of vulnerable consumers. Luckily their efforts failed, and the American people won.
“The Inflation Reduction Act is a case study in how change demanded by Americans for years didn’t come easily in the face of powerful and greedy special interests with plenty of lawmakers in their pockets — but it’s possible.”
The analysis follows Accountable.US’ recent findings that major drug company CEOs have raked in over $292.6 million in compensation while their companies saw tremendous profits.
Americans spend an average of $1,200 per person on prescription drugs with as many as 18 million Americans tha simply cannot afford their prescribed medications.
Republicans Accept $1.7 million in Bribes
The analysis previously concluded that Republican lawmakers on the House Energy & Commerce Committee that voted against the ability to negotiate Medicare prices of prescription drugs had accepted $1.7 million in career contributions from industry groups and the five largest pharmaceutical companies opposed to Medicare drug negotiations.
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