House Dems launch drug pricing probe
WASHINGTON — House Democrats announced a sweeping investigation Monday of the pharmaceutical industry’s pricing practices, jockeying for the upper hand with the Trump administration on an issue that concerns Americans across the political spectrum.
Oversight and Reform Committee Chairman Elijah Cummings said he’s sent letters to 12 major drugmakers seeking detailed information and documents about pricing practices for brand-name drugs to treat diseases including cancer, diabetes, kidney failure and nerve pain.
Cummings, a Maryland Democrat, said he wants to find out why prices have increased so dramatically for some existing medications, as well as how drug companies determine the prices of newly introduced medicines.
The committee also is seeking information on what the manufacturers do with revenue and what steps can be taken to reduce prescription drug costs.
“Research and development efforts on groundbreaking medications have made immeasurable contributions to the health of Americans,” Cummings said. “But the ongoing escalation of prices by drug companies is unsustainable.”
The Trump administration is pursuing its own plan to lower drug prices by approving more generic medications and trying to do away with industry practices that allow manufacturers, insurers and pharmacy benefit managers to profit at the consumer’s expense. But independent analysts have said the administration’s approach does not stop companies from charging high prices , particularly for brand-name medications with no generic competitors.
Polls regularly show that high drug prices are a major concern for consumers.