Yesterday Amgen unveiled plans to cut 12 to 14 percent of its workforce. But one place the world's largest biotech company isn't making cuts is in its lobbying efforts. Amgen racked up a $10.2 million in lobbying bills last year, and is now second only to Pfizer in the amount of contributions it makes to federal candidates and parties.
Amgen suffered a serious blow when it was announced that Medicare would limit the amount of anemia drugs that it will reimburse for. This contributed directly to the fall in profits that forced the biotech to cut costs. Amgen also has a vested interest in lobbying Congress to prevent generic drug companies from making less expensive knock-offs of biotech drugs. It's too soon to tell if Amgen's efforts will give the beleaguered company some relief.
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