(NaturalNews) U.S. pharmaceutical companies could face falling profits if Democrats win the majority in the House of Representatives in the upcoming November 7 elections. ,
louboutin Campaigning Democratic candidates say they will push legislation that would allow Medicare to negotiate lower prices for its 42 million elderly and disabled beneficiaries, as well as increase government oversight of the drug industry. Experts predict a Democratic House will spark negative publicity for pharmaceutical firms, as well as pressure stock prices.
Polls currently show Democrats in the lead to take control of the House,
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Big Pharma firms have donated upwards of $9 million to Republican congressional candidates in an attempt to help them maintain a majority in the House, while $4 million has been donated to Democratic candidates,
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Rep. Henry Waxman, D-Calif.,
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Rep. Nancy Pelosi, D-Calif. -- who could be named House Leader if the Democrats win -- promised to pass a bill giving Medicare the power to negotiate lower drug prices within the first 100 hours of the possible Democratic majority.
Democrats have also promised to more aggressively oversee drug pricing,
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"You have to ask what (the Democrats) don't like,
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Big Pharma critic Mike Adams,
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"Big Pharma knows that if Democrats take control over Congress, the Republican-engineered Medicare drug racket will come to a rapid close,
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