Pharma industry shifts political support towards Democrats

Oct. 29, 2020

The pharma industry has traditionally given more donations to Republicans than Democrats, but times are changing.

According to analysis by Reuters, the pharma industry has so far funneled about $13 million into political action committees — 54 percent has been given to Republican PACs while 46 percent went to Democratic PACs. Although Republican PACs are still receiving more, it is by a much smaller margin than in 2016 when nearly two-thirds of industry donations went to Republicans. 

Part of the reason for the shift is due to the belief that Democrats could strengthen their control of the House and potentially take control of the Senate and the presidency. 

Drugmakers are likely also trying to sway politicians who are intent on creating a plan to lower drug prices.

The company with the most dramatic switch in its political leanings was Pfizer, which donated 63 percent of its political donation funds to Republicans in 2016 and 51 percent in 2020.

Read the full Reuters report.