Reuters reports drug companies have spent at least $9 million to keep Republicans in control of Congress. Yesterday’s article quotes stock analysts talking about the risk to drug companies if Democrats take control of one or both houses of Congress:
“The drug industry faces the biggest risk (in the health-care sector) in a change of hands in Congress,” Prudential Equity Group analyst Kim Monk said.
Polls show Democrats could win a majority in the House of Representatives in the November 7 election. A Senate win is seen as less likely.
Keeping the Senate in Republican control would help protect drug makers by making it tougher for legislation to clear the Congress, analysts said.
Ahead of the voting, drug makers are giving more campaign cash to Republicans. The pharmaceutical and health products industries have contributed more than $9 million to Republican congressional candidates, and $4 million to Democrats, according to the nonpartisan Center for Responsive Politics.
One analyst firm even downgraded the entire pharmaceutical sector on fears Democrats could take over Congress. Drug companies, money and elections: let’s hear it for democracy! Don’t forget to vote on Election Day everyone.