22 Apr 2010 Pfizer and Johnson & Johnson Support for ObamaCare to Be Challenged by Stockholders at Company Shareholder Meetings Thursday

Policy experts from the National Center for Public Policy Research are attending the annual shareholder meetings of Johnson & Johnson and Pfizer Thursday to question their CEOs about their active support of President Obama’s progressive agenda.

“The pharmaceutical industry was a key driving force that helped push ObamaCare over the legislative line. Pfizer CEO Jeff Kindler played a crucial role in generating public and political support for ObamaCare,” said Tom Borelli, Ph.D, director of the National Center’s Free Enterprise Project.

“By working with President Obama, the Democratic majority in Congress, and left-wing advocacy groups, corporations such as Johnson & Johnson and Pfizer are undermining the liberty of all Americans,” added Borelli.

Kindler pushed for a $150 million industry ad campaign to promote ObamaCare with liberal activist groups and co-authored a commentary with Andy Stern, head of the Service Employees International Union, on the left-wing blog The Huffington Post.

“Since most Americans opposed ObamaCare, by supporting ObamaCare aggressively, Kindler risked the reputation of the company,” said Justin Danhof, director of legal programs for the National Center.  “Furthermore, as our British friends know, government control over health care budgets inevitably leads to limits on the purchase of prescription drugs.  Pfizer’s support for ObamaCare is not just bad for the company, but potentially could, over time, prove fatal to some Americans.”

Johnson & Johnson is also promoting Obama’s liberal policy agenda. In addition to being a member of the Pharmaceutical Researchers and Manufacturers of America (PhRMA), which aggressively supported ObamaCare, Johnson & Johnson is also lobbying for Obama’s cap-and-trade energy policy as a member of the United States Climate Action Partnership, a lobbying coalition comprised of corporations and environmental special interest groups.

“Shareholders must be concerned about a potential consumer backlash against Johnson & Johnson because of the company’s support of Obama’s progressive agenda. ObamaCare was opposed by a majority of Americans and the cost of cap-and-trade will lead to higher energy prices and higher unemployment. Johnson & Johnson CEO William C. Weldon should be wary that the political activism exhibited by the Tea Party movement could be unleashed against the company’s products,” said Deneen Borelli, full-time fellow with the National Center’s Project 21 black leadership program.

Danhof is representing National Center for Public Policy Research, which owns Pfizer stock, at the Pfizer annual meeting in Cleveland, Ohio.  Deneen and Tom Borelli will be representing the National Center for Public Policy Research, which owns Johnson & Johnson stock, at its annual meeting in New Brunswick, New Jersey.