Big Pharma spends record millions on lobbying amid pressure to lower drug prices
Key Excerpts from Article on Website of CNN News
Posted: February 3rd, 2019
The lobbying group for the pharmaceutical industry spent about $27.5 million on lobbying activities in 2018, federal filings show. This is a record annual total for the Pharmaceutical Research & Manufacturers of America, or PhRMA, which represents most of the nation's largest drug and biopharmaceutical research companies. According to OpenSecrets, a nonpartisan, independent research group tracking money in US politics, individual companies within the pharmaceuticals and health products sector spent $194.3 million on lobbying as of October 24, 2018 over and above the amount disclosed by PhRMA.The large outlays follow moves within the White House that could limit pharmaceutical companies' price increases and profits on medicines. Congress and the Trump administration continue to push for a drug pricing plan and were given more ammunition Tuesday in the form of a report documenting that insulin cost nearly doubled in the United States between 2012 and 2016. President 'Donald Trump, who campaigned on a promise to lower drug prices, posted his blueprint for doing so in May. US Health and Human Services Secretary Alex Azar remarked last week that despite some "positive developments" in pharmaceutical pricing behavior, "drug companies have a lot further to go."
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