Facing showdown on high drug prices, industry group PhRMA revenue surges to highest level in 7 years

Facing bipartisan hostility over high drug prices in an election year, the pharma industry’s biggest trade group boosted revenue by nearly a fourth last year and spread the millions collected among hundreds of lobbyists, politicians and patient groups, new filings show.
It was the biggest surge for the Pharmaceutical Research and Manufacturers of America, known as PhRMA since the group took battle stations to advance its interests in 2009 during the run-up to the Affordable Care Act.
“Does that surprise you?” said Billy Tauzin, the former PhRMA CEO who ran the organization a decade ago as Obamacare loomed. Whenever Washington seems interested in limiting drug prices, he said, “PhRMA has always responded by increasing its resources.”
The group, already one of the most powerful trade organizations in any industry, collected $271 million in member dues and other income in 2016. That was up from $220 million the year before, according to its latest disclosure with the Internal Revenue Service.