British drugmaker AstraZeneca (NASDAQ:AZN) has decided to leave the Pharmaceutical Research and Manufacturers of America (PhRMA), the major pharmaceutical lobby group in the U.S., the company said.
The influential industry trade group counts pharma giants such as Pfizer (PFE), Amgen (AMGN), Bristol Myers (BMY), J&J (JNJ), and Merck (MRK) as some of its members.
AstraZeneca (AZN) has decided not to renew its membership at PhRMA following a review to evaluate whether it was "the most productive and effective use of (company) resources," Reuters reported quoting a spokesperson for the company.
The statement further indicated that in the wake of the exit, AstraZeneca (AZN) plans to reallocate the funds previously spent on PhRMA membership to pursue U.S. advocacy efforts with state and federal policymakers.
The move first reported by Politico comes amid pressure on drugmakers following the implementation of the Biden administration's recent drug pricing reforms.
Pharma giants AbbVie (ABBV) and Teva Pharmaceutical (TEVA) announced their departure from PhRMA early this year.
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