Pharmaceutical firms to offer political donations to Democrats in 2020 US election
The pharmaceutical industry in the United States is seeking to allocate almost half of its political donations to Democratic candidates in this year’s election next month, as companies seek to stave off the threat to drug prices if the Democrats come to power.
Data from the nonprofit Center for Responsive Politics (CRP) reviewed by Reuters showed that industry-run political action committees (PACs) split about $13 million among the nation’s major political parties, Republicans obtaining 54% and the remaining 46%. to Democrats.
Pharmaceutical majors such as Pfizer, Amgen, Abbvie and Johnson & Johnson made the biggest PAC donations this year, showing their misplaced support for Democrats between 2016 and 2020, CRP data showed.
In 2016, 63% of Pfizer’s PAC donations went to Republicans while figures show that this year the funds have been reduced to 51%.
Signaling a dramatic change from the trend seen in 2016, the news agency reported that Republicans received nearly two-thirds of campaign donations from the industry during that year.
Although a longtime supporter of Republicans, in the 2018 congressional elections the industry turned to Democrats.
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Even though senior pharmaceutical executives support the Republican, workers have backed Democratic presidential challenger Joe Biden.
An industry executive who spoke on condition of anonymity said drug companies aim to build relationships with politicians who are expected to come to power.
The drugmakers intended to counter Democrats’ efforts to cut drug prices paid by the government-run health insurance program Medicare, industry sources said.
Although there are concerns that the Trump administration is integrating policy issues into regulatory decisions, experts agree to differ.
This shift at the industry level shows a growing consensus that Democratic candidates will extend their grip on the House of Representatives and could win the Senate.
A CRP estimate revealed that the total cost of the 2020 elections will reach almost an unprecedented $14 billion.