New Analysis Highlights How Big Pharma Uses Limitless Resources, Fueled by Blockbuster Profits, to Fight Solutions That Would Help Americans Afford Their Medications
In case you missed it: A new report showcases just how far Big Pharma has gone this year to put profits over people — by deploying vast resources from the industry’s limitless wallet to try and defeat solutions to lower prescription drug prices.
“The pharmaceutical industry has spent nearly $263 million on lobbying so far this year, employing three lobbyists for every member of Congress, according to OpenSecrets,” reads a report published this week by CBS News.
In addition, a September analysis from Patients for Affordable Drugs (P4AD) released found that PhRMA and PhRMA-supported organizations spent more than $18 million on ads opposing drug pricing solutions over a three month period earlier this year. Big Pharma’s ad spending is separate, and in addition to, its spending on lobbying and campaign contributions.
“They have really endless resources to throw at shaping the outcomes of legislation,” said Sheila Krumholz, executive director of OpenSecrets in the CBS News article.
Big Pharma’s massive spending comes as the industry is hosting a slew of Wall Street-besting earnings calls, reporting massive profits which have been buoyed by the industry’s pandemic price hikes. As one Wall Street analyst commented, “pharma’s CEOs are likely popping champagne and smoking cigars.”
The American people are watching to see if Congress will meet the moment to stand up to Big Pharma’s massive spending on lobbying and advertising opposing drug pricing solutions — placed against the backdrop of blockbuster profits fueled by pandemic price hikes.
As the final details of drug pricing legislation are debated, lawmakers must reject Big Pharma’s misleading rhetoric and profits over people attitude — and focus on advancing solutions that will lower prescription drug prices by holding Big Pharma accountable without increasing health care premiums.
Read CBS Evening News’ story HERE.
Read CSRxP’s latest statement on the drug pricing compromise package in Congress HERE.
Read the latest on Big Pharma’s third quarter earnings, pandemic price hikes and anti-competitive behavior HERE.
Learn more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.