Pharmaceuticals Turn To Politics To Protect Prices

The pharmaceutical industry has an image problem, and it could prove extremely costly with a new election cycle underway. One of the biggest issues that this year's presidential hopefuls have been discussing is the rising cost of prescription drugs.

Throughout the debates over how to make treatments more affordable, drugmakers have been painted as soul-less corporate machines with no regard for the greater good. With new legislation curbing the cost of prescription medicine looking likely, drug companies are looking to remake their images and protect their margins.

Changing A Few Minds

Companies like Amgen, Inc. AMGN and Pfizer Inc. PFE are spending millions through the Pharmaceutical Research and Manufacturers of America (PhRMA) trade group to change the way they are seen in Washington.

Rather than focus on changing the public's opinion, the group is hoping that it can persuade lawmakers to see things from their point of view. The group has been working to shift perceptions through digital, radio and print ads aimed at key influencers and politicians themselves. Social media has been a huge part of the campaign, as it allows the group to specifically target those that are most important to their cause.

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What Does Big Pharma's Side Look Like?

Pharmaceutical firms argue that by curbing drug prices politicians will actually be doing a disservice to the public, as it will stifle future innovation and efforts to cure diseases like Alzheimer's, which are still a burden to much of the population. Expensive drug prices, they say, help fund research and development of new drugs and cutting those costs could be detrimental to future innovation.

Effective?

It remains to be seen whether the drug industry will be able to get lawmakers on its side, but for the moment, it appears that the sector is still firmly in the political crosshairs.