New Congress Wants to Increase Pharmaceutical Regulations and Receive More Donations
Companies like Pfizer and Amgen are finding out the hard way that the new democrat led congress is going to make changes.
Just 3 days after the New Year, the new congress voted for more restrictions on their business.
According to Bloomberg.
com, "The pharmaceutical firms depend on a friendly federal government: A sixth of 2006 growth in the $252 billion U.
S.
drug market came from Medicare, according to estimates from IMS Health Inc.
, a Fairfield, Connecticut-based research firm.
Moreover, both Democrats and the companies are well aware that the industry gave at least two-thirds of its political donations to Republicans in recent elections.
" Congress has already committed 5 panels to investigate new ways to the prices of drugs and services paid by Medicare, and make generic drugs available faster.
I'm going to have hearings right off the top on the drug benefit to help make sure it works better,'' Montana Senator Max Baucus told Bloomberg.
Even though democrats now hold the majority 51 to 49, 60 votes are required for legislation to be considered in the Senate.
If the legislation receives the 60 votes, it will still have to survive a potential veto by the president.
Despite the obvious uphill battle, the democrats look to design a process to allow FDA clearance of the first generic versions of major biotech drugs.
Generic medicines often sell for about a third the price of brand-name products.
They are also poised to crack down on the amount drug makers spend on marketing versus research and development.
Although the democrats look to crack down on companies like Pfizer and Amgen, the democrats want to leverage their new found power to generate more donations from the pharmaceutical industry.
According to PoliticalMoneyLine, "The political action committee of Amgen, the top biotech company, gave 69 percent of its donations to Republican candidates for the 2006 federal elections, and New York-based Pfizer, the world's biggest drugmaker, gave 70 percent.
" A professor from Tuft University said it best, "With one hand they're going to spank the industry, and with another hand they're going to hold their hands palms up.
" For more information on ordering from online foreign pharmacies.
Just 3 days after the New Year, the new congress voted for more restrictions on their business.
According to Bloomberg.
com, "The pharmaceutical firms depend on a friendly federal government: A sixth of 2006 growth in the $252 billion U.
S.
drug market came from Medicare, according to estimates from IMS Health Inc.
, a Fairfield, Connecticut-based research firm.
Moreover, both Democrats and the companies are well aware that the industry gave at least two-thirds of its political donations to Republicans in recent elections.
" Congress has already committed 5 panels to investigate new ways to the prices of drugs and services paid by Medicare, and make generic drugs available faster.
I'm going to have hearings right off the top on the drug benefit to help make sure it works better,'' Montana Senator Max Baucus told Bloomberg.
Even though democrats now hold the majority 51 to 49, 60 votes are required for legislation to be considered in the Senate.
If the legislation receives the 60 votes, it will still have to survive a potential veto by the president.
Despite the obvious uphill battle, the democrats look to design a process to allow FDA clearance of the first generic versions of major biotech drugs.
Generic medicines often sell for about a third the price of brand-name products.
They are also poised to crack down on the amount drug makers spend on marketing versus research and development.
Although the democrats look to crack down on companies like Pfizer and Amgen, the democrats want to leverage their new found power to generate more donations from the pharmaceutical industry.
According to PoliticalMoneyLine, "The political action committee of Amgen, the top biotech company, gave 69 percent of its donations to Republican candidates for the 2006 federal elections, and New York-based Pfizer, the world's biggest drugmaker, gave 70 percent.
" A professor from Tuft University said it best, "With one hand they're going to spank the industry, and with another hand they're going to hold their hands palms up.
" For more information on ordering from online foreign pharmacies.
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