Analysis: U.S. drugmakers, bracing for price cuts, shift election support toward Democrats – By Carl O’Donnell (Reuters) / Oct 29 2020
NEW YORK (Reuters) – The U.S. pharmaceutical industry, long a supporter of Republicans, is giving almost half its political donations to Democratic candidates in this year’s election, as companies look to fend off a threat to drug prices if Democrats gain power.
FILE PHOTO: A Pfizer sign is pictured at their Headquarters in the Manhattan borough of New York City, New York, U.S., July 22, 2020. REUTERS/Carlo Allegri/File Photo
So far this year, industry-run political action committees (PACs) have divided about $13 million between the two major U.S. political parties, with 54% to Republicans and 46% to Democrats, according to data from the Center for Responsive Politics (CRP) reviewed by Reuters.
That is a stark shift from 2016, when nearly two thirds of industry campaign donations went to Republicans. The industry moved less dramatically toward Democrats in 2018 during the congressional elections.
Senior pharmaceutical executives lean Republican, while workers’ donations skew toward Democrats and largely supported Democratic presidential challenger Joe Biden, data shows. Biden leads Republican President Donald Trump in national opinion polls in the last week before next Tuesday’s election.
Continue to article: https://www.reuters.com/article/us-usa-election-pharmaceutical-donations/analysis-u-s-drugmakers-bracing-for-price-cuts-shift-election-support-toward-democrats-idUSKBN27E1H2?il=0
