The Patient Perspective: The Devastating Impacts of Skyrocketing Drug Prices on American Families

CHAIRMAN CUMMING'S OPENING STATEMENT

BACKGROUND

Drug companies have continued to drastically increase the prices of prescription drugs in recent years, while also enjoying record profits. Companies have raised the prices of more than 3,400 drugs in 2019 alone, with an average price increase of five times the rate of inflation.This past January, the Committee launched an investigation into the actions of drug companies in raising prescription drug prices in the United States. Through this investigation, the Committee has examined the strategies used by drug companies to maintain high prices, as well as the effects of these actions on American families. According to a study by the Kaiser Family Foundation, nearly a quarter of people taking prescription drugs report that it is difficult for them to afford their medications, with a disproportionate impact falling on those with low incomes.

PURPOSE

The purpose of the hearing is to examine the impact of large pharmaceutical companies’ pricing practices on the financial well-being and health of American patients who depend on prescription drugs.