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The Spectacle Blog

Competition Really Cuts Into Profits

By J.P. Freire on 2.29.08 @ 1:50PM

Tim Carney sniffs around Congressional lobbying and notices a strange brew. A pharmaceutical company realized that it could make a lot of money if it could extend their patent. So:

Rather than forgo half a billion dollars, MDCO did what any company in its position would do -- it started lobbying Congress to change the law. MDCO, however, assembled an unusually impressive lineup of lobbyists. The company hired at least eight lobbying firms and retained the biggest names available. ...With this team, it's no wonder MDCO shelled out $4.6 million on lobbying last year, much more than either the National Rifle Association or Wal-Mart.

Ted Kennedy inserted the language into an upcoming bill, and it's just passed out of the Senate Judiciary Committee. The Congressional Budget Office also estimated that this would increase government spending on health care by $19 million from 2011 to 2018.

Tim, I'm happy that you get material for your column, but it's disconcerting to find that such topics as these exist.

topics:
Health Care, Law