PhRMA and major corporations back Trump’s record-breaking inauguration fund

USA – The Pharmaceutical Research and Manufacturers of America (PhRMA) has announced a US $1 million donation to support President-elect Donald Trump’s second inauguration, signaling a shift in corporate attitudes toward the incoming administration.

This contribution comes amid reports that Trump’s inaugural committee is set to raise over US $150 million, surpassing the previous record of US $107 million raised for his first-term inauguration.

PhRMA’s donation marks a significant move, as it is the first time in more than a decade that the organization has contributed to an inauguration.

Previously, following the events at the U.S. Capitol in January 2021, PhRMA had paused funding to lawmakers who voted to overturn the 2020 election results, citing a violation of the nation’s values.

Now, with Trump’s return to the presidency, the group appears keen to secure influence in shaping policies that will impact the pharmaceutical sector.

“As corporate executives hurry to make inroads with an incoming president whose agenda will have sweeping ramifications for the business world, many of those pledges are a thing of the past,” notes the WSJ.

This unprecedented fundraising effort has drawn financial support from numerous corporations and organizations, including telehealth brand Hims & Hers, which also donated US $1 million.

Other major contributors include Pfizer, Meta, Amazon, and OpenAI, each pledging seven-figure amounts to the inauguration fund.

Notably, Pfizer’s relationship with Trump dates back to the Operation Warp Speed program, a public-private partnership that accelerated the development of COVID-19 vaccines.

Pfizer CEO Albert Bourla recently expressed interest in maintaining a strong and enduring partnership with Trump’s administration.

He told investors last month that he’s interested in fostering a “very long-lasting relationship with Trump.”

Tech giants like Amazon and Meta have joined the list of donors, alongside traditional industries and financial institutions such as Ford, Toyota, Goldman Sachs, Bank of America, and hedge fund manager Ken Griffin.

Cryptocurrency exchanges Coinbase and Kraken have also contributed, as well as other major corporations, including General Motors, Intuit, AT&T, and Stanley Black & Decker.

In addition to corporate donations, individual contributors like OpenAI CEO Sam Altman have pledged US $1 million.

Donors contributing at least US $1 million are reportedly being offered invitations to exclusive dinners with Trump, Vice President-elect JD Vance, and his wife, Usha Vance.

The scale of this fundraising effort reflects the anticipation surrounding the policies of Trump’s second administration, especially in sectors like healthcare and technology.

While neither Trump nor his opponent, Kamala Harris, detailed extensive policy plans during the campaign, bipartisan support for measures such as drug pricing reforms and pharmacy benefit manager (PBM) changes suggests significant stakes for the pharmaceutical industry.

Since his victory in November, Trump’s allies have raised over US $200 million to fund not only the inauguration but also his political initiatives and a future presidential library.