Politics

Pfizer CEO Gets Raise for Behind Scenes Deals With White House

By Paul Blumenthal

The Lord giveth and the Lord taketh away.

Billy Tauzin was bounced from his perch as President and CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA) after the deals he helped strike with the White House and Sen. Max Baucus were stalled with the health care bill.

Jeff Kindler, the CEO of Pfizer, the nation’s largest drug company, got a 12.5% raise after he helped block drug reimportation and other cost cutting measures by striking a deal with the White House and Sen. Max Baucus. From the Pfizer statement:

During 2009, Mr. Kindler was actively involved, through both Pfizer and external organizations, in developing and advancing U.S. and global public policies that serve the overall interests of our Company and our shareholders, as well as doctors and patients. These efforts included constructive participation in the U.S. legislative process to advance Pfizer?s goals of achieving a more rational operating environment; improving Americans? access to quality, affordable health care; preserving the doctor/patient relationship; and enhancing policies that promote innovation. Also, through both Pfizer and external organizations, he has sought to ensure the availability of safe medicines by opposing legislation that would allow for importation of prescription drugs that could jeopardize the integrity of the drug supply chain in the U.S.

For the full story on the deal struck between the pharmaceutical companies and the White House see this article.

(hat tip to Timothy Carney at the Washington Examiner.)

Full post as published by Sunlight Foundation on March 09, 2010 (boomark / email).