House Oversight and Reform Committee Chair Elijah Cummings (D-Md.) Jan. 14 sent letters to 12 drug companies requesting detailed information and documents on the companies’ drug pricing practices.
According to Cummings, “The goals of this investigation are 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.”
Specifically, the letters ask for more information on communications on price increases, investments in research and development, and corporate strategies to preserve market share and pricing power.
The committee will hold a Jan. 29 hearing on prescription drug price increases. No witnesses have been announced yet, but it is expected to include drug company executives and patients affected by rising drug prices.