GOP criticizes Pingree for owning drug stocks

AUGUSTA – The Maine Republican Party is criticizing Democratic U.S. Senate candidate Chellie Pingree for investing in mutual funds that hold pharmaceutical stocks.

Pingree has made lowering prescription drug prices a centerpiece of her campaign and has often criticized the high profits earned by drug companies and their executives. State Republican party executive director Dwayne Bickford suggested that Pingree is hypocritical for criticizing drug companies while owning their stocks.

“She has set the standard for hypocrisy in the 2002 Senate races,” Bickford said Wednesday. “Of the thousands of mutual funds that are available, Pingree has chosen one that profits from the industry that she criticizes as being too profitable and which she has made public enemy No. 1 in her campaign.”

In a press release, the state party said that in her financial disclosure, Pingree declared ownership of $15,000 to $50,000 worth of Putnam Health Sciences mutual fund.

According to the Republican’s press release, the fund’s top 10 holdings are pharmaceutical stocks.

As state Senate majority leader, Pingree sponsored legislation creating the Maine Rx law that enabled the state to negotiate lower drug prices with large manufacturers as a way of lowering drug prices for Maine residents. When she was called to testify on drug prices before the U.S. House of Representatives earlier this month, the Republicans blocked her appearance.

Pingree said Wednesday that she has a wide variety of investments, including a small number in pharmaceutical companies. She found it disappointing that the Republicans were using negative tactics.

“I think my credibility is right there on this issue,” Pingree said Wednesday. “I won’t be distracted from the real fight, which is to lower drug prices.”

Collins was attending Senate meetings all day Thursday and could not be reached for comment. An aide to the senator said she had no advance knowledge of the Republican attack on Pingree and first learned of it from her campaign manager early that morning.

The Associated Press contributed to this report.