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Many know that Pfizer is the pharmaceutical manufacturer that makes the billion-dollar erectile dysfunction drug Viagra. Pfizer, which is number one in drug sales worldwide, also boasts a successful portfolio of other products that include the anti-cholesterol drug Lipitor, and the anti-depressant Effexor.<\/p>\n
Many months ago, as the healthcare debate in congress came to a close, Pfizer spent an annual total of $5.6 billion lobbying congress and other government entities such as the FDA and the White House. Obviously, the drug company hoped to influence the legislation in ways that would allow them to increase their revenues.<\/p>\n
A report published in Business Weekly gives the details of publicly traded Pfizer’s lobbying efforts, which were released in the company’s quarterly report. One of the points that Pfizer lobbied hard on was in favor of a current policy that restricts a generic manufacturer from marketing imitations of brand-name drugs for a minimum of 12 years after the drug is patented.<\/p>\n
Pfizer also lobbied to extend a research and development tax credit that would allow drug companies to write off expenses related to performing research on new drugs. Hypothetically, this would speed up the process of finding new and important drugs to treat diseases. According to the Business Weekly report, Pfizer also lobbied against provisions that would require research into alternatives to drug treatments.<\/p>\n
While most everyone is grateful to Pfizer for the many medical breakthroughs that the company has sponsored, it can be disturbing to see the company involved on such a deep level in the political process. Who knows what positive results could have come from $5.6 billion in actual research and development? Pfizer is obviously spending incredible sums in an attempt to stave off competition through government-mandated restrictions on generics and alternative treatments.<\/p>\n
Although the purposes of lobbying are clear, Pfizer and Big Pharma are among the biggest spenders in this area. It turns out that the price tag to keep the status quo, and the price tag to quell efforts for perhaps-meaningful change, are both exorbitantly expensive.<\/p>\n![\"Pfizer](\"\/Blog\/files\/media\/image\/Lobbying%20US%20Senate%20Building.jpg\")
Even for those of us who prefer to purchase brand-name products instead of generics, the market presence of generics forces the prices of brand-name drugs<\/a> down, making them more affordable for everyone.<\/p>\n