Trump Group Takes In Millions From Big Pharma As Drug Makers Continue To Raise Prices
November 20, 2018
Trump failed to stand up to the pharmaceutical industry and lower drug prices. New tax filings reveal that a pro-Trump advocacy group took in millions from the pharmaceutical industry to spend on political operations and at Trump properties during its first year of operation. Meanwhile, Trump falsely claimed credit for lowering drug costs that continue to skyrocket.
The pharmaceutical industry was the largest known donor to the pro-Trump group America First Policies.
Open Secrets: “Topping America First Policies’ known donor list for its first year of operation is the Pharmaceutical Research and Manufacturers of America (PhRMA), a trade group representing the drug company industry’s lobbying interests, which disclosed giving $2.5 million to America First Policies in a new tax return obtained by the Center for Responsive Politics and first identified by Maplight.”
Tax filings reveal millions in political spending and hundreds of thousands spent at Trump properties by America First Policies and its sister super PAC.
Open Secrets: “America First Policies told the FEC that it spent $1.97 million in independent expenditures and $245,404 on electioneering communications in its first year of operation. But the ‘political campaign activities’ spending it reported to the IRS for the same period was around twice that amount — $4.3 million — and its total spending reported for that period was even more.”
Open Secrets: “The groups have also held joint events catering to big donors attended by President Trump himself and the super PAC arm spent more than $400,000 at Trump properties, according to its FEC filings.”
Meanwhile,Trump lied about forcing drug companies to lower costs as manufacturers continue to increase drug prices.
Trump: “We called a few of those companies recently, where they raised their prices, and I guess maybe it was one of the times that I realized how powerful the presidency is, because they immediately rolled their prices back to where they started. And those companies know who we’re talking about, and we appreciate it very much.”
CNBC: “Pfizer will raise prices on 41 of its prescription drugs in January after initially putting off those plans this summer amid pressure from President Trump.”
Associated Press: “There were fewer price increases this year from January through July than in comparable prior-year periods, but companies still hiked prices far more often than they cut them. This year through the end of July, there were 4,412 brand-name drug price increases and 46 price cuts. To put it another way: For every price decrease over those seven months, there were 96 price hikes.”
Fox Business: “Kaleo hiked the price of its opioid overdose antidote by 600 percent. The Richmond, Virginia-based maker of the naloxone drug Evzio, the drug that reverses opioid overdose, went from $575 per injector to today’s price tag of more than $4,000 for a pack of two.”