BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
Lawmakers have made lowering drug prices a key pledge to consumers. So maybe it’s no surprise that the pharmaceutical industry has increased its spending on lobbying to change hearts and minds in the halls of Congress.
Drug makers spent $8 million during the first quarter of 2018, a 35 percent increase from the first quarter of 2016. The amount moved Pharma to No. 3 on the top spenders, up from No. 5 in 2016, according to the Washington Post.
Overall spending on lobbying among all industries was nearly $1 billion in the first quarter, according to an analysis by the Center for Responsive Politics, making it the highest in five years.
The pharmaceutical industry seems most concerned about President Trump’s vow to lower drug prices and his goal of speeding up federal drug approvals.