WASHINGTON (AP) — A leading House Democrat is announcing a sweeping investigation of the pharmaceutical industry's pricing practices.
Oversight and Reform Committee Chairman Elijah Cummings said Monday that he's sent letters to 12 major drug manufacturers seeking detailed information and documents about pricing practices for brand-name drugs to treat diseases including cancer, diabetes, kidney failure and nerve pain.
Cummings, a Maryland Democrat, said he wants to find out why drug companies have increased prices so dramatically, how the manufacturers use the additional income, and what steps can be taken to reduce prescription drug costs.
The Trump administration is pursuing its own plan to lower drug prices by approving more generic medications and trying to do away with industry practices that allow manufacturers, insurers and pharmacy benefit managers to profit at the consumer's expense.