Abbott Labs Lobbying Recommendations Lobbying Recommendations for Essay

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Abbott Labs Lobbying Recommendations

Lobbying Recommendations for Abbott Labs

Fiscal policies by the Federal and State governments have a direct effect on the ability of Abbott Labs to remain in a growth position. As a member of the drug and medical device manufacturing market segment, health care & medical policies have the greatest impact on business. Abbott Labs includes lobbying funds as part of its annual budget. This is a prudent measure due to the direct impact that Health Care policy has on both revenues and profit from the lab. Lobbying money must be targeted towards issues that have a direct impact on Abbott's current and future product lines. The following outlines several suggestions for prudent use of Abbott's lobbying budget in the 2013 fiscal year.

Medicare Prescription Drug Savings and Choice Act of 2009

H.R. 684 proposes to require the U.S. government to negotiate drug prices down for Medicare patients. The results of this policy, should it go into affect, will have a negative impact on Abbott's profits. A significant portion of prescription drug users are Medicare patients. Abbot should sponsor opposition to this bill and support any candidate that opposes it.

The official title of the bill is "Medicare Prescription Drug Savings and Choice Act of 2009." Under the proposed form of the bill, doctors will be required to administer the least expensive alternative for patient care, unless it is overwritten by medical necessity (H.R. 684, 2009).

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This plan would save taxpayers and the governments, but pharmaceuticals companies such as Abbot, would have to soak up the slack. This means lower costs for consumers, but it can spell disaster for the than the pharmaceutical industry.

Increase in Fees for Brand Name Pharmaceuticals

The White House has a goal of making Health Care more accessibility to many Americans. One of the key concerns has been about closing the Medicare "donut hole." This reform measure is targeted towards seniors to make certain that they will be able to pay for their prescription drugs and will not have to skip or cut back on needed prescriptions. The White House claims that these policies will result in new revenues for the pharmaceutical industry. The study was conducted by the White House concluded that this legislation would raise $27 billion for the pharmaceutical industry. This new policy would be administered by the IRS. It is recommended that Abbott Labs support passage of this new bill, as it generates additional revenues for the company. This bill will have a direct impact on rising prescription costs to consumers, as pharmaceutical companies attempt to make up the shortfall. Therefore, a grassroots effort should be established to gain public support for the lobbying goals (Keenan, 2012).

Health Care Reform….....

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