'The evidence overwhelmingly supports the need to pass the Build Back Better Act, which will empower Medicare to negotiate for lower prices, restrain price increases, and cap out-of-pocket patient costs for insulin and other drugs.'
a report detailing how Big Pharma has not only "raised prices with abandon," but also "manipulated the patent system" to suppress competition.The final staff report is the culmination of a nearly three-year investigation by the Committee on Oversight and Reform launched under the late Rep. Elijah Cummings , who died in 2019. He was succeeded as the panel's chair by Rep. Carolyn Maloney .
Drug companies target the U.S. market for higher prices and use the Medicare program to boost revenue;Drug companies use patient assistance programs as a public relations tool to boost sales; andThe panel investigated insulin products manufactured by Eli Lilly, Novo Nordisk, and Sanofi, and found that those companies "targeted the United States for price increases, and Medicare lost out on more than $16 billion in savings.
"The evidence overwhelmingly supports the need to pass the Build Back Better Act, which will empower Medicare to negotiate for lower prices, restrain price increases, and cap out-of-pocket patient costs for insulin and other drugs," she wrote. "The result of the House Oversight Committee investigation is clear: American families are suffering from outrageous drug prices, while Big Pharma rakes in record profits," Pelosi added.a fact sheet about the Build Back Better provisions intended to lower drug prices and cut costs for patients--some of which the speaker highlighted in her statement.
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