Big Pharma, Little Regulation

Congress may be in recess this week, but that doesn’t mean policymakers are taking a break from cozying up to corporate campaign contributors. Today at a field hearing in California, the House Committee on Oversight & Government Reform is inviting top pharmaceutical executives to testify about how government regulations intended to prevent drug companies from selling poison to the general public are hindering their ability to make money.

Committee Chairman Darrell Issa’s habit of providing Republican financiers with the opportunity to requests favors from his committee is nothing new, but a report from Public Campaign gives the details on how Big Pharma earned its day on the witness stand.

According to the report, the pharmaceutical industry is Issa’s #1 contributor, giving him nearly $300,000 throughout his time in Congress—including a haul of $72,000 in 2010 alone. 83 percent of the industry’s contributions to Issa's campaign committee have come from the PACs of 25 different companies, led by giants such as Allergen, Pfizer, Amgen and GlaxoSmithKline. Even the hearing’s witnesses have personally made substantial donations: Duane Roth, Chairman of Alliance Pharmeceutical Corporation, has donated $5,500 to Issa. Alexander Lukianov, CEO, Nuvasive, Inc., has donated nearly $10,000 to the Republican National Committee.

I’m holding my breath to see how many “federal policies affecting job growth in the biotech and pharmaceutical industries” will be slashed at the “suggestion” of the industry.

PFAW