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PhRMA CEO Stephen Ubl speaks to President Trump. Photo: Ron Sachs/Getty Images

The drug industry lobbying group PhRMA registered $460 million of revenue in 2018, a shade more than 2017, according to its latest tax returns obtained by the Center for Responsive Politics.

The bottom line: PhRMA's influence continues to touch almost every corner of state and federal politics, especially conservative groups, and is a big reason why the country's high drug prices have not changed.

By the numbers: PhRMA's 2017 tax returns showed a large uptick in member dues and spending, largely due to President Trump painting the industry as public enemy No. 1. Those dues and spending amounts remained lofty in 2018.

  • Hundreds of millions of dollars were funneled to law firms, advertising agencies, patient groups, political campaigns, think tanks, astroturf organizations and executive pay.
  • Like in 2017, PhRMA donated millions of dollars in 2018 to conservative groups that have advocated against policies that would chip away at the industry's profitability, including the Trump administration's newer international reference pricing model.
  • PhRMA also continues to put money in the bank accounts of both Republican and Democratic campaigns.

The big picture: PhRMA, the American Hospital Association and the American Medical Association are three of the most dominant lobbying groups not just in health care, but in all of Washington.

  • But PhRMA generates almost as much revenue on its own as the AHA and AMA combined (see 2018 filings for the AHA and AMA).

Go deeper

Biden to meet with U.S. financial regulators on Monday

Photo: Drew Angerer via Getty Images

President Biden will meet with financial regulators on Monday.

Driving the news: "The meeting will cover regulatory priorities including climate-related financial risk and agency actions to promote financial inclusion and to responsibly increase access to credit," said press secretary Jen Psaki, according to a press pool report.

Updated 3 hours ago - Economy & Business

The next worker fight: Time off for Juneteenth

Illustration: Annelise Capossela/Axios

Who gets paid time off to celebrate Juneteenth in the years to come will be uneven and complicated, if history is any guide.

Why it matters: Corporate America hasn't grappled with a new federal holiday since Martin Luther King Jr. Day was authorized almost 40 years ago. How they responded took years to evolve.