The pharmaceutical lobby spends more than any other industry, according to a May 8 Truthout report. During the first three months of 2021, Pfizer alone spent $3.7 million on lobbying. PhRMA, a prevalent industry trade group, spent $8.7 million on lobbying during the same time period.
Both entities lobbied hard against waiving patent protections for COVID-19 products, but U.S. Trade Representative Katherine Tai announced May 5 the U.S. will support waiving intellectual patent protections.
The pharmaceutical industry also poured millions into the American Action Network, a dark money group that recently launched a $4 million ad campaign against HR 3, House Democrats’ signature drug-pricing measure. HR 3 would allow the HHS secretary to negotiate lower drug prices through Medicare, cap out-of-pocket drug costs for Medicare beneficiaries at $2,000 annually and penalize drugmakers for price gouging.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
