Washington, D.C. – An Accountable.US analysis of the 2022 990 tax form for Pharmaceutical Research and Manufacturers of America (PhRMA) found the top trade group for drug manufacturers gave over $1.2 million to groups opposed to Medicare drug negotiations, including those that later joined a right-wing coalition effort demanding Congress repeal the Inflation Reduction Act’s prescription drug price negotiation mandate. The historic Biden law is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025.
Records show PhRMA is desperately trying to manufacture a phony astroturf campaign against the historic and popular Biden law working to lower drug costs for struggling seniors. While the public is not buying it, big drug company CEOs and lobbyists have found plenty of right-wing smear groups and lackeys in Congress willing to defend their business model of squeezing maximum profits from seniors, including many choosing between food and medicine. Too many drug makers motivated by greed have jacked up prices on life-saving medicine despite banking record profits -- and that would never have changed without intervention by President Biden to finally allow Medicare to negotiate lower prices,” said Accountable.US’ Liz Zelnick.
While PhRMA and their industry peers have sued the Biden administration to block implementation of the Inflation Reduction Act’s Medicare Drug Price Negotiation Program, a recent Accountable.US report found drug companies that produce the first 10 drugs impacted by Biden law boasted of a staggering $38.7 billion in profits in 2022.