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WASHINGTON, DC — A new report from government watchdog Accountable.US reveals that Pharmaceutical Research and Manufacturers of America (PhRMA)—the top trade group for the largest U.S. pharmaceutical companies—awarded at least $16.1 million to groups opposing the Inflation Reduction Act provision granting Medicare new power to negotiate lower costs on prescription drugs, according to the group’s most recent 990 tax filing. Notably, several groups received a majority or almost all of their revenue from PhRMA.

Today’s report comes the day before manufacturers of the first 10 prescription drugs affected by Medicare’s negotiation power are required to respond to the pricing offers sent by Centers for Medicare & Medicaid Services. Earlier this month, the US District Court for the Western District of Texas tossed out a lawsuit against the Biden administration brought by PhRMA and its allies that sought to block Medicare from negotiating lower drug prices. 

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Big PhRMA spent millions trying to stop Medicare from negotiating lower prescription drug costs for seniors, and they’ll spend millions more trying to ban it. Drug company CEOs will do anything to keep the system rigged in their favor, even becoming the entire funding stream for extreme right-wing groups who defend price-gouging of patients in need.

Accountable.US’ Tony Carrk

“Motivated by greed, PhRMA’s push to ban Medicare’s new price negotiation power is a direct threat to the health security and pocketbooks of millions of Americans who will benefit from the Biden administration’s historic action,” added Carrk.

Among the Accountable.US report details first reported by The Sludge, PhRMA’s most significant award went to We Work For Health, an industry advocacy group dedicated to pushing back against “price controls,” who received $13.6 million. Additionally, PhRMA gave hundreds of thousands of dollars to top conservative groups like The Heritage Foundation and Washington Legal Foundation. 

PhRMA’s intense spending is bolstered by the $105 million PhRMA the group spent while lobbying against The Inflation Reduction Act, Build Back Better, Elijah E. Cummings Lower Drug Costs Now Act, and others since 2020. 

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