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Congressional Corner from Representative Bernie Sanders: Major Increase In Campaign Contributions and Lobbying Expenditures By Drug Companies Using FEC Loopholes, the Pharmaceutical Industry Dumps Millions into Stalling Prescription Drug Legislation. By Representative Bernard Sanders (I-VT)
My office has released a report which shows the pharmaceutical industry made at least $7.3 million in campaign contributions in 1999—the most ever by the industry in a non-election year. At the same time, Congressional studies have proven that the pharmaceutical industry receives the largest federal tax breaks of any sector of the American economy while charging Americans the highest prices in the world for prescription drugs. I have introduced “The International Prescription Drug Parity Act” which would allow American pharmacists and distributors to import lower priced drugs from Canada and other countries so long as these products confirm to strict FDA safety standards. Though my bill has more than 60 bipartisan co-sponsors and is supported by the National Community Pharmacists Association, Congress has yet to even hold a hearing on the legislation. This is a classic case of the role of big money in politics: the industry takes in billions in profits from high prices and gives out millions in campaign contributions to make sure Congress protects those profits. The net result is that prescription drug legislation stalls, the industry’s enormous tax shelters are preserved, and the American public gets fleeced. In the richest country in the world, it is an outrage that millions of people have to choose between putting food on their table and affording the prescription drugs they need. It is time for Congress to stop protecting the interests of the big money pharmaceutical companies and start representing the millions of Americans who cannot afford to pay the highest prices in the world for prescription drugs.
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The pharmaceutical industry is using every means possible to stop Congress from moving forward on real prescription drug reform. This is a one-two punch by the big money special interests—first protect contribution loopholes by blocking campaign finance reform, then exploit those loopholes with massive amounts of money. The net result is business as usual: Congress does nothing, the pharmaceutical industry enjoys billions in annual profits, and Americans continue to pay the highest prices in the world for prescription drugs.