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The drug industry [9] is bracing itself for major legislative changes once the new Congress sits. Forbes journalist Matthew Herper notes that, following the mid-term elections, major drug company shares have dropped by over 5%. Herper cites an analysts report from the Prudential Equity Group which warns that "Democrats are well positioned to force action on drug prices, and contrary to conventional wisdom, a [presidential] veto is not a sure thing." One bill already under consideration, co-sponsored by Republican Mike Enz [10] and Democrat Ted Kennedy [11], is aimed at reforming the U.S. Food and Drug Administration [12]. The bill is a response to the withdrawal of Merck [13]'s drug, Vioxx, after it was found to increase the risk of heart attacks. Some drug industry leaders are despondent about the industry's image. The head of Astra Zeneca [14] in the US, Tony Zook said "I think it's been easy to beat up on the drug industry."
Links:
[1] http://dev.prwatch.org/users/7/bob-burton
[2] http://dev.prwatch.org/topics/public-relations/issue-management
[3] http://dev.prwatch.org/topics/us-government/us-congress
[4] http://dev.prwatch.org/topics/health
[5] http://dev.prwatch.org/topics/marketing
[6] http://dev.prwatch.org/topics/pharmaceuticals
[7] http://dev.prwatch.org/topics/politics
[8] http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Fdev.prwatch.org%2Fspin%2F2006%2F11%2F5498%2Fdrug-industrys-glory-days-may-be-over&linkname=Drug%20Industry%27s%20Glory%20Days%20May%20Be%20Over
[9] http://www.sourcewatch.org/index.php/drug_industry
[10] http://www.sourcewatch.org/index.php/Mike_Enz
[11] http://www.sourcewatch.org/index.php/Ted_Kennedy
[12] http://www.sourcewatch.org/index.php/U.S._Food_and_Drug_Administration
[13] http://www.sourcewatch.org/index.php/Merck
[14] http://www.sourcewatch.org/index.php/Astra_Zeneca
[15] http://www.forbes.com/2006/11/16/fda-congress-bills-biz-cz_mh_1116fda.html?partner=daily_newsletter