Drug prices to take center stage in first House Oversight hearing

Drug prices to take center stage in first House Oversight hearing
© Greg Nash

The House Oversight and Reform Committee will hold a hearing to examine drug price increases later this month, the committee’s first since Democrats took control of the House.

In a statement, Oversight and Reform Committee Chairman Elijah CummingsElijah Eugene CummingsOvernight Health Care: Senators seek CBO input on preventing surprise medical bills | Oversight panel seeks OxyContin documents | Pharmacy middlemen to testify on prices | Watchdog warns air ambulances can put patients at 'financial risk' Hillicon Valley: Kushner accused of using WhatsApp, personal email for official work | White House rejects request for Trump-Putin communications | Facebook left 'hundreds of millions' of passwords unsecured | Tech pressured to root out extremism Cummings says Ivanka Trump not preserving all official communications MORE (D-Md.) said the hearing will serve to launch a “broad review of the skyrocketing prices of prescription drugs.”

ADVERTISEMENT
Rising drug prices have been a central concern for Cummings, who has also vowed to bring pharmaceutical industry executives to testify in front of the committee.

On Thursday, Cummings joined Sens. Cory BookerCory Anthony BookerBannon says an O'Rourke-Harris ticket poses the greatest threat to Trump in 2020 Jared Kushner's brother made last-minute donation to Beto O'Rourke Senate campaign Biden advisers mull launch naming Abrams as running mate: report MORE (D-N.J.), Bernie SandersBernard (Bernie) SandersMichael Bennet 'encouraged' in possible presidential bid: report House Dems unveil measure to reject anti-Israel boycotts Bannon says an O'Rourke-Harris ticket poses the greatest threat to Trump in 2020 MORE (I-Vt.) and other Democrats to introduce legislation aimed at lowering prescription drug prices.

The three proposed bills would allow importation of cheaper drugs from Canada, allow Medicare to negotiate drug prices and strip monopolies from drug companies if their prices were above the average price in other wealthy countries.

Drug prices have spiked over the past decade, putting a pinch on consumers as wages have failed to keep pace with the hikes. The drug pricing is a bipartisan concern, but the parties are divided on how best to solve the issue.

Democrats want Medicare to negotiate prices and want to allow Americans to buy cheaper prescription drugs from abroad, policies that are staunchly opposed by pharmaceutical companies.

Democratic lawmakers say Republicans were too easy on the industry when they controlled the House, and have vowed that will change now that they are in charge.