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Posts Tagged ‘Pharmaceuticals’

This column by Tim Carney in the Washington Examiner should make every honest person nauseous. It explains how the big pharmaceutical companies are Obama’s biggest allies. This is well know inside the beltway, but average Americans don’t understand that Obamacare is largely a giveaway to powerful interest groups. Two observations are worth making. First, the pharmaceutical companies are going to get screwed over once the bill passes. The budget numbers will look terrible and the White House, under pressure to do something (besides just higher taxes), will stab the companies in the back by imposing price controls. Second, even though this will be bad for healthcare since it will undermine research on new drugs, I will take a certain perverse satisfaction in that result. Heck, I think opponents of government-run healthcare should have offered amendments to tax and regulate the industry during debate on the healthcare bills. Companies that climb into bed with government deserve all the bad things that happen to them:

As they whip for the health care bill, Democratic leaders pack a mean one-two punch of populist rhetoric and the hefty financial backing of the drug industry. …drug industry lobbyists, according to Politico, spent the weekend “huddled with Democratic staffers” who needed the drug lobby to “sign off” on proposals before moving ahead. Meanwhile, we learn that the drug lobby is buying millions of dollars of ads in 43 districts where a Democratic candidate stands to suffer for supporting the bill. The doctors’ lobby and the hospitals’ lobby are also on board with the Senate bill. …Of all the single-industry lobbies in Washington, the largest is the Pharmaceutical Researchers and Manufacturers of America. PhRMA spent $26.2 million on lobbying last year — that’s nearly three times as much as the insurance lobby, America’s Health Insurance Plans, which spent $8.9 million. If you include individual companies’ lobbying, pharmaceuticals blow away the competition, beating all other industries by 50 percent, according to data at the Center for Responsive Politics. Given this Big Pharma clout, it’s unsurprising that the bill Obama’s whipping for — Senate bill — has nearly everything the drug companies wanted: prohibiting reimportation of drugs, preserving Medicare’s overpayment for drugs, lengthy exclusivity for biotech drugs, a mandate that states subsidize drugs under Medicaid, hundreds of billions in subsidies for drugs, and more.

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