Every year, pharmaceutical companies contribute millions of dollars to U.S. senators and representatives as part of a multipronged effort to influence health care lawmaking and spending priorities. For example, Sen. Tim Scott, a rising star in the Republican Party with broad popularity in South Carolina, is getting showered with drug industry money before facing voters this fall.
SUMMARY: The CEOs of Abbvie, Bristol-Myers Squibb, Merck, Pfizer, Roche Pharmaceuticals, and Sanofi each contributed $15,600 to McConnell’s joint fundraising committee in the third quarter. Novo Nordisk Executive Vice President Doug Langa chipped in $10,000, Amgen CEO Robert Bradway gave $7,500, and Celgene CEO Mark Alles contributed $5,000. McConnell’s opposition to the bill comes after he had an exceptional quarter of fundraising from executives and PACs of pharmaceutical companies that could be forced to reduce the prices of their drugs under Medicare. Sigh..
- Axios reported that top pharmaceutical companies have announced significant so called ‘buybacks,’ which benefit shareholders by driving up the value of their stock.
- Contributions to Republican Party have yielded a great ROI for pharma.
- This suggests that pharmaceutical companies have used these tax breaks to enrich investors, a decision that comes at the expense of lowering the price of prescription drugs, investing in research and development that could lead to new cures, or passing along savings to consumers.”