Jul 8, 2021

U.S. House Oversight & Reform Committee Report Shines Light on Branded Drugmakers’ Profiteering Practices, Debunks Innovation Rhetoric

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Thursday in response to a new report from the U.S. House Committee on Oversight and Reform examining financial data from 14 of the largest drug companies in the world.

“CSRxP applauds Chairwoman Maloney and members of House leadership for their continued commitment to holding Big Pharma accountable and delivering lower drug prices for the American people,” said CSRxP executive director Lauren Aronson. “The findings of this report debunk Big Pharma’s bogus arguments that solutions to lower drug prices will undermine innovation, shines a light on the egregious pricing practices of the branded drug industry and will increase the momentum in Washington to act.”

The latest House Oversight and Reform Committee report builds on important work that has helped shine a light on Big Pharma’s practices and provide policymakers insight into the impact of those practices on consumers and taxpayers.

In May, the Committee released a report detailing Big Pharma giant AbbVie’s egregious pricing and marketing tactics around two of the company’s best-selling products – rheumatoid arthritis drug Humira and lymphoma drug Imbruvica. Read the full report HERE.

Last fall, the Committee released a report highlighting internal company documents from Big Pharma drug makers Bristol Myers Squibb, Amgen and Novartis, revealing the companies’ egregious price-gouging and anti-competitive behavior. Read Chairwoman Maloney’s summary of the findings HERE.

And just last month, Chairwoman Maloney (D-NY) and Representative Frank Pallone (D-NJ), Chairman of the U.S. House Committee on Energy and Commerce, announced a joint investigation into the pricing of unproven Biogen Alzheimer’s treatment Aduhelm.

Learn more about why Big Pharma’s bogus innovation rhetoric doesn’t hold-up to scrutiny HERE.

Learn more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.