Mobile Menu - OpenMobile Menu - Closed

Committee to Hold First Hearing on Drug Company Price Increases

Jan 28, 2019
Press Release

Washington, D.C. (Jan. 28, 2019)—On Tuesday, January, 29, 2019, the Committee on Oversight and Reform will hold its first hearing of the 116th Congress on “Examining the Actions of Drug Companies in Raising Prescription Drug Prices.”

WHERE:  2154 Rayburn House Office Building

WHEN:     Tuesday, January 29, 2019

TIME:       11:00 AM

 

PURPOSE

  • The purpose of the hearing is to determine why drug companies are increasing prices so dramatically, how drug companies are using the proceeds, and what steps can be taken to reduce prescription drug prices.

 

BACKGROUND

 

  • For years, drug companies have been aggressively increasing prices on existing drugs and setting higher launch prices for new drugs while recording windfall profits.

 

  • Approximately 94% of widely-used brand-name drugs on the market between 2005 and 2017 more than doubled in price during that time, and the average price increase in 2017 was 8.4%—four times the rate of inflation—according to an analysis conducted by AARP.

 

  • A recent Associated Press analysis found that more than 4,400 brand-name drugs increased in price in the first seven months of 2018 alone, compared to 46 price decreases.

 

WITNESSES

Ms. Antroinette Worsham

Mother of Two Insulin-Dependent Daughters

Cincinnati, Ohio

Ms. Catherine Alicia Georges, Ed.D., RN, FAAN

National Volunteer President

AARP

Dr. Aaron Kesselheim, M.D., J.D., M.P.H.

Associate Professor of Medicine

Program on Regulation, Therapeutics, And Law

Harvard Medical School

Dr. Gerard Anderson, Ph.D.

Professor of Health Policy and Management

Bloomberg School of Public Health

Johns Hopkins University

Dr. Avik Roy

President

The Foundation for Research and Equal Opportunity

 

The hearing is open to the public and a live video stream will be broadcast here

116th Congress