CEO DATELINE - Report: PhRMA to spend hundreds of millions rehabilitating industry's image
CEO DATELINE - Report: PhRMA to spend hundreds of millions rehabilitating industry's image
- August 4, 2016 |
- Walt Williams
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Pharmaceutical Research and Manufacturers of America will spend hundreds of millions of dollars after the current election season to counter criticism that drug companies are jacking up prices of medications to unreasonable levels, Politico reported Thursday.
Just how much PhRMA plans to spend is unclear, but the campaign is expected to dwarf the $20 million health insurers spent in the early 1990s on the famous "Harry and Louise" ads to defeat Hillary Clinton's affordable health care plan, according to Politico. While the group isn't currently planning on targeting any politicians, it will do so if it feels any elected officials are working against the industry.
Rising drug prices have become a hot-button topic in politics lately. Part of the renewed interest is due to Martin Shkreli, the infamous "Pharma bro" who made headlines last year after his company raised the price of a potential life-saving medication by 7,500 percent. Clinton has pledged to rein in drug prices as part of her presidential campaign. Republican presidential candidate Donald Trump also has spoken about the topic.
The potential size of PhRMA's public relations campaign is unusual but not unheard of. The American Petroleum Institute paid PR firm Edelman more than $327 million between 2008 and 2012, with most of the money used on advertising, according to the Center for Public Integrity. http://politi.co/2axvYDg
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