House committee report shines light on pharma’s pricing, business practices
Fourteen leading U.S. drug companies from 2016 to 2020 spent $577 billion on stock buybacks and dividends, $56 billion more than they spent on research and development over the same period, according to a report released Thursday by the House Committee on Oversight and Reform.
For the same time period, the report notes that the companies’ top executives earned more as they raised drug prices, with salaries growing by 14% and compensation totaling $3.2 billion. In addition, findings show research and development budgets were spent “on finding ways to suppress generic and biosimilar competition while continuing to raise prices, rather than on innovative research.”
Related News Articles
Headline
The median net launch price for 154 new drugs increased 51% between 2022 and 2024, after accounting for inflation and discounts, according to a report released…
Headline
The White House Oct. 10 announced it reached an agreement with AstraZeneca to align drug prices with the lowest paid by other developed nations, also known as…
Headline
President Trump today announced the first agreement with a major pharmaceutical company, Pfizer, to bring American drug prices in line with the lowest paid by…
Headline
The Food and Drug Administration recently disclosed dozens of warning letters sent to drug companies that accuse them of using misleading or deceptive…
Headline
President Trump Sept. 10 signed a memorandum directing the Department of Health and Human Services and Food and Drug Administration to require drug companies…
Headline
The AHA Sept. 8 urged the Federal Trade Commission and Antitrust Division of the Department of Justice to investigate several drug companies’ concerted efforts…