Abbott Laboratories Spent Nearly $2 Million on Lobbying
The Associated Press reports that drug and device maker Abbott Laboratories spent $1.9 million lobbying on health care issues in the fourth quarter of last year, according to a recent disclosure report. The company lobbied on the health care overhaul effort that has occupied lawmakers in the House and Senate for over a year. One provision of the proposal would force medical device makers to pay between $2 billion and $3 billion in fees per year to help pay for expanding health care coverage. While industry executives have complained about the fees, Democratic lawmakers say that device companies will benefit from health care reform as more patients are eligible to get their products. The company also lobbied on a provision designed to give the Food and Drug Administration the authority to approve generic versions of biotech drugs. Unlike traditional chemical drugs, biotech drugs have never faced generic competition because the FDA lacks authority to approve cheaper copies.