Previewing Gov. Tim Pawlenty's trip to the drug company's shareholder meeting. He'll urge the company to reduce prices

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Governor Pawlenty heads to St. Louis today in the hopes of using the state's shareholder power to force the world's largest drug company to lower prescription drug prices for Americans. The governor intends to speak in support of a shareholder proposal that would limit how much Pfizer can charge for its drugs. Minnesota owns less than one percent of Pfizer's total value but Pawlenty hopes his visit will get the ball rolling on a shareholder initiative to lower prescription drug prices. Pawlenty is optimistic that others will join his cause. But critics say any proposal to change pricing is unlikely to pass because it would harm Pfizer's stock price. Minnesota Public Radio's Tom Scheck reports.... {Governor Pawlenty's main goal is to recruit enough shareholders to force Pfizer officials to cut drug prices in the U.S. and allow drug reimportation from foreign countries where price controls and other market factors force drug companies to charge less. Pawlenty says he's been trying to persuade large pension fund managers from states like New York and California to join his cause. In any case, it won't happen this year. His proposal isn't on the agenda because the state missed the company's deadline. But it probably won't hurt and could help to wait a year because passing a shareholder resolution is a tough challenge. Pfizer shareholders have not approved any proposals in recent memory. Nevertheless, Pawlenty will argue free trade is allowed on everything from toasters to automobiles and it's only fair that the practice be extended to prescription drugs.

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