Lowering prescription drug prices is among the Biden administration's most urgent priorities. But the drug industry is spending big to keep that from happening. A new compromise on Capitol Hill would offer some relief from high prices by gradually allowing Medicare to negotiate drug prices similar to private insurers for the first time, while capping out of pocket costs at $2,000 and setting limits on the cost of insulin. 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, which tracks money in politics. Millions of those dollars are in the form of campaign donations. "They have really endless resources to throw at shaping the outcomes of legislation," said Sheila Krumholz, the executive director of OpenSecrets. Congressman Scott Peters, a Democrat, sparked protests outside his San Diego district office when he came out against a plan to cut drug costs for seniors earlier this year. He's received nearly $130,000 from the industry this year. About $100,000 has been donated to Democratic Senator Kyrsten Sinema this year. Senator Robert Menendez, also a Democrat, has taken nearly $80,000 in 2021. "Bottom line is I'm supporting a price negotiation bill that has been worked out," ... Menendez said when asked what message he's sending by taking money from the pharmaceutical industry.
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