Drug Companies Spend Record Amount to Keep Drug Prices High

Drug Companies Spend Record Amount to Keep Drug Prices High

We’ve told you in the past that the drug companies pulled out all the stops last year to fight the effort to lower drug prices. According to a new report from Bloomberg Government News, PhRMA, the lobbying group of the major drug companies, spent nearly $29.6 million on lobbying in 2021, the most money it has ever spent on lobbying.

In addition, the report states “Some individual drugmakers also stepped up their lobbying spending in 2021. Eli Lilly & Co.‘s $7 million and Merck & Co.‘s $8 million were record amounts for both companies.”

They spend that money in several ways, including a massive amount of advertising on TV, radio, and the internet. In the Washington, D.C., area there has been a constant barrage of ads on TV meant to influence members of Congress.

They also give the maximum amount of money allowed by law to the election campaigns of most members of Congress.

Their efforts are continuing this year as the fight to lower drug prices is continuing.

TSCL, on the other hand, does not give to election campaigns. Our finances are 100% dependent on our supporters like you. We run a very tight and lean operation and rely on our volunteer officers as well as a small paid staff to carry on the fight on your behalf.

It is very much a David vs. Goliath story, but we are on the verge of winning a major victory to lower drug prices.

However, your continued support and involvement are critical to winning this fight and we need you more than ever in this fight, and the other fights we engage in to make sure you can have the kind of life in retirement that you need and deserve.