Unsustainable Drug Prices: Testimony from the CEOs (Part II).

Chairwoman Maloney's Opening Statement [PDF]

Rep. Carolyn B. Maloney, the Chairwoman of the Committee on Oversight and Reform, announced that the Committee will hold two days of hearings with top executives of major drug companies to examine their pricing practices for some of the costliest drugs in the United States.  The hearings, titled “Unsustainable Drug Prices:  Testimony from the CEOs,” will be on Wednesday, September 30, and Thursday, October 1, at 10 a.m.

“These companies sell medications that are critical to our health and well-being, but their skyrocketing prices are simply unsustainable,” Chairwoman Maloney said.  “For nearly two years, our Committee has aggressively investigated why drug companies continuously increase prices, how they use their massive profits, and what steps can be taken to make prescriptions more affordable for the American people.  I look forward to hearing from these CEOs next week as we work to make drug prices more affordable for the American people.”

On January 14, 2019, then-Chairman Elijah E. Cummings launched the Committee’s wide-ranging, in-depth, and comprehensive investigation into drug company pricing practices for some of the costliest drugs.  The Committee sent letters to some of the largest and most profitable drug companies in the world seeking a broad range of documents and information regarding price increases, executive compensation, and strategies the companies use to limit competition and maximize profits.

Current law prohibits Medicare from negotiating directly with drug companies for lower prices.  Last December, the House of Representatives passed H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act, which would give Medicare the authority to negotiate.