Drug Companies Have Been Warned: House & Senate Chairmen & Ranking Members Pledge To Work Together To Hold Big Pharma Accountable

U.S. Senate Chairman Of The Committee On Finance Chuck Grassley: “You will hear many numbers describing the costs of prescription drugs.  Those numbers are impressive, but the stories I have heard from patients, doctors, and pharmacists in Iowa have really gotten our attention and my attention … I have heard stories about people reducing their life saving medicines, like insulin, to save money.  This is unacceptable and I intend to specifically get to the bottom of the insulin price problem.  But other drugs are creating problems too.  That is why tackling high prescription drug costs is one of Senator Wyden’s and my first priority on this committee.  The reasons for these high prices are complex.  I plan to hold a series of hearings in order to identify and address these reasons.” (U.S. Senator Chuck Grassley, “Drug Pricing In America: A Prescription For Change, Part I,” U.S. Senate Committee On Finance, 1/29/19)

U.S. Senate Ranking Member Of The Committee On Finance Ron Wyden: “The committee has a real opportunity to take action this year.  We’ve got a history of bipartisanship and big ideas.  So what I’d like to do Mr. Chairman is work with you and all our colleagues on both sides of the aisle so our work on this issue lives up to the tradition of the Finance Committee at its best … I also want to note as we wrap up this first hearing, I think you have pulled together on both sides of the aisle today, a real opportunity for finding common ground for Democrats and Republicans to fight price gouging… You and I have sat together on a lot of health care hearings over the years where we didn’t have this kind of opportunity for bipartisanship.” (U.S. Senator Ron Wyden, “Drug Pricing In America: A Prescription For Change, Part I,”U.S. Senate Committee On Finance, 1/29/19)

U.S. Senate Chairman Of The Committee On Finance Chuck Grassley: “I want to express my displeasure at the lack of cooperation from the pharmaceutical manufacturers very recently when they were invited here.  This committee has a long history of working in a bipartisan manner to solve difficult problems for the American people.  So, when Senator Wyden and I invited several pharmaceutical companies to come and discuss their ideas to address high drug prices, I was extremely disappointed when only two companies agreed to do that.  The companies that declined said they would be very happy to discuss – have discussion with us in private, but not in public.  One company said testifying would be a problem because of language barrier.  I thought we all spoke English.” (U.S. Senator Chuck Grassley, “Drug Pricing In America: A Prescription For Change, Part I,” U.S. Senate Committee On Finance, 1/29/19)

U.S. Senate Ranking Member Of The Committee On Finance Ron Wyden: “Now the Chairman noted that we invited the heads of the several largest drug companies to testify and obviously they are not exactly tripping over themselves to answer our questions.  That ought to tell you something.  Even the Big Tobacco companies were willing to come to Congress and testify, and they made a product that kills people.  They all lied to me, but at least they showed up.  Now the drugmakers are going to have to show up as well … So, nobody is going away, and even if it means using our power on a bipartisan basis to compel the drug company CEOs to show up, they are going to come before this committee.  The crisis of prescription drugs threatens too many lives and bankrupts too many people for the Congress to tolerate ducking and weaving by the companies.” (U.S. Senator Ron Wyden, “Drug Pricing In America: A Prescription For Change, Part I,” U.S. Senate Committee On Finance, 1/29/19)

U.S. House of Representatives Chairman Of The Committee On Oversight And Reform Elijah Cummings: “Before we begin, I acknowledge there is a lot going on right now, here on capitol hill and across the country… But today, for our first hearing, I wanted to focus on one of the biggest problems facing American families across the country.  The actions of drug companies that have been aggressively increasing prices on existing drugs and setting higher launch prices for new drugs, all while recording windfall profits.”  (U.S. Representative Elijah Cummings, “Examining the Actions of Drug Companies in Raising Prescription Drug Prices,” U.S. House Committee on Oversight and Reform, 1/29/19)

U.S. House of Representatives Ranking Member Of The Committee on Oversight and Reform Jim Jordan: “There are few issues more in need of the committee’s attention than this one.  One thing that the chairman, President Trump and I all have in common is that we are committed to finding reforms that will improve access and availability with respect to prescription drugs.  I hope that Chairman Cummings will view us as partners in this endeavor.” (U.S. Representative Jim Jordan, “Examining the Actions of Drug Companies in Raising Prescription Drug Prices,” U.S. House Committee on Oversight and Reform, 1/29/19)

U.S. House of Representatives Chairman Of The Committee On Oversight And Reform Elijah Cummings: “I have been waiting a very long time to hold this hearing.  For the past decade, I’ve been trying to investigate the actions of drug companies for all sorts of drugs, old and new, generic and brand name.  We’ve seen time after time, that drug companies make money hand over fist by raising the prices of their drugs often without justification and sometimes over night while patients are left holding the bill.  The pharmaceutical industry is one of the most profitable in the world and one of the most powerful.  14 drug companies each made more than one billion dollars in profits just the third quarter of 2018 and they have the best lobbyist money can buy.  Let me be clear, there are powerful interests here that do not want us to interfere with those massive profits but there is a strong bipartisan consensus that we must do something, something meaningful, to reign in the out of control price increases.” (U.S. Representative Elijah Cummings, “Examining the Actions of Drug Companies in Raising Prescription Drug Prices,” U.S. House Committee on Oversight and Reform, 1/29/19)

U.S. House of Representatives Ranking Member Of The Committee on Oversight and Reform Jim Jordan:“Rather than try to contend that more bureaucracy is the answer, we need to take a hard look at government’s role in rising prices.  We must rethink regulations distorting prices and ensure that adequate competition happens in the marketplace.  We also need to reevaluate the manner and scope of the monopolies the government grants to pharmaceutical companies in the form of patents and FDA exclusivities.  What was envisioned by our founders as a limited guarantee to profit from your invention has been distorted into an evergreen right to broadly exclude others from selling similar drugs.” (U.S. Representative Jim Jordan, “Examining the Actions of Drug Companies in Raising Prescription Drug Prices,” U.S. House Committee on Oversight and Reform, 1/29/19)

U.S. House of Representatives Chairman Of The Committee On Oversight And Reform Elijah Cummings: “We all recognize that research and development efforts on ground-breaking medications have made immeasurable contributions to the health of Americans, including new treatments and cures for diseases.  But the bottom line is the ongoing escalation of prices by drug companies is simply unsustainable.  This is a matter, literally, of life and death and we have a duty to act now.  Our constituents are demanding it and I am grateful that we are finally starting down the road on this hearing.” (U.S. Representative Elijah Cummings, “Examining the Actions of Drug Companies in Raising Prescription Drug Prices,” U.S. House Committee on Oversight and Reform, 1/29/19)