Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) spent $820,000 on lobbying in the US in the first quarter of 2010, 13.7% less than in the corresponding quarter of 2009, but 5.1% more than in the fourth quarter, according to the lobbying report filed by Teva Pharmaceuticals USA Inc.
In late March, President Barack Obama succeeded in passing his healthcare reform in Congress. Drug companies, Teva included, worked hard to promote their interests in the run-up to the bill's passage. Teva's lobbying expenses in 2009 were more than 50% higher than in 2008.
Teva, the world's largest generic drug company, lobbied Congress, the US Patent and Trademark Office, the US Trade Representative, and other federal government agencies.
Other generic drug companies that reported their lobbying expenditures include Mylan Inc. (NYSE: MYL), which spent $680,000 in the first quarter. Original drug manufacturers spent far more that the generic companies; Pfizer Inc. (NYSE: PFE; LSE: PFZ) spent $4.3 million in the first quarter, and GlaxosmithKline plc (NYSE; LSE: GSK) spent $2.2 million.
Teva's share closed at $62.26 on Nasdaq yesterday. The share price rose 1.2% by mid-afternoon on the TASE today to NIS 233.10.
Published by Globes [online], Israel business news - www.globes-online.com - on April 21, 2010
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