America’s large drug companies spent more than any other industry to lobby Congress and federal agencies this year but still suffered a major defeat after failing to stop a bill that allows the government to negotiate prices on select drugs.
The bill’s imminent enactment represents a rare legislative defeat for the pharmaceutical industry and sets a precedent for curbing drug prices in the world’s most lucrative market for medicines, according to congressional and industry officials. The industry’s powerful trade association, Pharmaceutical Research and Manufacturers of America , urged senators in a public letter to reject the bill. Its president, Stephen Ubl, told“Few associations have all the tools of modern political advocacy at their disposal in the way that PhRMA does,” he said.
The industry has long warned that price curbs in the US market would hamper companies’ ability to invest in developing new drugs.
Source: News Formal (newsformal.com)