The Build Back Better Act, roughly $2 trillionPresident is a key part of the President’s social policy and climate bill Joe Biden’s domestic spending agenda, passed the House on Friday morning. The White House hailed the bill as the largest expansion of affordable healthcare in a decade, with $165 billion allocated to health care spending.
For the past three years, the health sector has been spending the most every quarter. This quarter, the sector grew $160.8 millionFor more information, please visit: $498.9 million2021 total lobbying President Biden was able to give credit to this sector $60.6 millionDuring the 2020 election season.
The finance, insurance and real estateSector lag behind health in this quarter’s spending $124.3 millionIn a 15.1% decline compared with the same period last years. This is ahead of the $150 billionThe Build Back better Act provides funding to create more that 1 million single-family homes and rental properties in the United States. The bill will also help to reduce costs in the sector through rental and downpayment assistance through an expanded voucher program.
The health sector has provided $34.7 millionThis year, Congress received 58.6% and 41.2% respectively. Senate Majority Leader Charles Schumer(D-NY), has received the most with $2.1 millionThis election cycle, he is the most prominent political recipient from this sector. He is the most prominent political recipient 59 industriesThis election cycle.
Federal lobbying is at an all-time high in 2021 compared with previous years. $2.7 billionIn all sectors, spending increased in the third quarter.
The Build Back Better bill also targets Big Pharma for rising drug prices. It would limit how much drugmakers can raise their prices each year and establish an annual limit on out of pocket spending. However, this only applies to drugs that have been on the marketplace for almost a decade.
About $262.6 millionThe following are the sources of lobbying spending in the health sector: pharmaceuticals and health products industry. Three quarters of the year is gone and the industry is on track towards having its highest level of lobbying ever. Pharmaceutical Research & Manufacturers of America as the industry’s largest client. The company spent $2.8 million during the third quarter of the year. $7.7 million on federal lobbying — more than it has spent on federal lobbying in any other third quarter.
The industry also spent $82.3 millionInformation about nursing homes and hospitals $81.9 millionon HMOs and health services. This follows a $150-billion provision in the Build Back better Act to expand Medicaid coverage for affordable home care.
On Thursday, President Joe Biden announced that he had purchased 10 millionTreatment courses Pfizer’sPaxlovid is an antiviral COVID treatment medication. Delivery will begin late in the year. The pill is still awaiting FDA approval, following Pfizer’s application for emergency authorization on Tuesday. Pfizer has spent $7.3 millionThis year has seen the most federal lobbying, with its booster vaccine receiving FDA approval in August.
During the third quarter, vaccination companies and COVID testing increased their spending significantly. Astrazeneca spent $1 million on federal lobbying this quarter — more than it has spent lobbying in any third quarter since 2013. Abbott Laboratories, the world’s biggest producer of COVID-19 tests, spentFederal lobbying was more prominent this quarter than in any other quarter since 2012 $1.3 million.