Oversight Committee Announces Major Hearings with Drug Company CEOs After Sweeping 18-Month Investigation

Sep 22, 2020
Press Release
Committee Reviewed More Than a Million Pages of Internal Corporate Documents

Washington, D.C. (Sept. 22, 2020)—Today, 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.
 

DAY ONE—WEDNESDAY, SEPTEMBER 30

  • Mark Alles
    Former Chief Executive Officer
    Celgene Corporation
    Celgene sold the cancer drug Revlimid until November 2019.
     
  • Dr. Giovanni Caforio
    Chief Executive Officer
    Bristol Myers Squibb
    Bristol Myers Squibb has sold Revlimid since November 2019.
     
  • Kåre Schultz
    Chief Executive Officer
    Teva Pharmaceuticals
    Teva sells the multiple sclerosis drug Copaxone.

DAY TWO—THURSDAY, OCTOBER 1

  • Robert Bradway
    Chief Executive Officer
    Amgen, Inc.
    Amgen sells the anti-inflammatory drug Enbrel and the chronic kidney disease drug Sensipar.
     
  • Mark Trudeau
    Chief Executive Officer
    Mallinckrodt Pharmaceuticals
    Mallinckrodt sells the autoimmune and inflammatory disease drug H.P. Acthar Gel.
     
  • Thomas Kendris
    U.S. Country President
    Novartis AG
    Novartis sells the cancer drug Gleevec.


Both hearings will start at 10 a.m. ET.  A livestream of the hearings will be available here.
 

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116th Congress