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Pharmaceuticals need a palliative in the age of Donald Trump.
Even before taking office, the president threatened the industry’s profit model with a commitment to lower treatment prices. He accused drugmakers of “getting away with murder” and suggested “new bidding procedures” to increase competition.
Shortly after, Trump proposed a $5.8 billion funding cut for the National Institutes of Health, which some experts said would eliminate early-stage research and ultimately stunt clinical developments industry-wide.
Amid these threats, pharmaceuticals and biotechs spent $144,778,982 on lobbying in the first eight months of 2017, according to the Center for Responsive Politics. The partial-year figure is almost on par with the industry’s spending for the entire year of 2004, but it indicates a pace that would yield the lowest annual sum in a decade.
Related Link: The 45 Accounts Donald Trump Follows On TwitterHere are the top 10 spenders on lobbying so far this year:
1. Pharmaceutical Research & Manufacturers of America: $14.2 million
The organization represents some of the largest firms in research, from Sanofi SA (ADR) (NYSE:SNY) and Bristol-Myers Squibb Co (NYSE:BMY) to GlaxoSmithKline plc (ADR) (NYSE:GSK) and Johnson & Johnson (NYSE:JNJ). Each member has much to lose from NIH budget cuts.
2. Amgen, Inc. (NASDAQ:AMGN): $6.6 million
With reported acquisition interest, a number of ongoing clinical trials, and outstanding requests with the Food and Drug Administration, Amgen’s future is largely reliant on federal decisions.
3. Novartis AG (ADR) (NYSE:NVS): $5.9 million
FDA approval for rival candidates has offset equally positive news out of Novartis this year, revealing competitive struggles in a still expanding field.
4. Pfizer Inc. (NYSE:PFE): $5.7 million
Between patent expirations, risk surrounding high-priced Medicare drugs, and analyst expectations of a “major” merger, the firm is highly exposed to regulatory activity.
5. Bayer AG (ADR) (OTC:BAYRY): $5.0 million
The company awaits U.S. approval to close its $128-per-share purchase of Monsanto Company (NYSE:MON).
6. Biotechnology Innovation Organization: $4.7 million
7. Merck & Co., Inc. (NYSE:MRK): $3.7 million
8. Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA): $3.5 million
9. Eli Lilly and Co (NYSE:LLY): $3.5 million
10. AbbVie Inc (NYSE:ABBV): $3.2 million
Related Link: Curing Disease Is Bad For Business: How Do Big Pharma Companies Continue Their Growth?________Image Credit: By Joyce N. Boghosian - https://www.flickr.com/photos/whitehouse/36550024310/, Public Domain, via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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