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Overnight Health Care: House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses | Ex-FDA employees express worries to Congress over politicization of vaccines

Welcome to Wednesday night’s Overnight Health Care, where we’re waiting to see if there’s going to be a deal on a new COVID-19 relief package.



a man wearing a suit and tie: Overnight Health Care: House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses | Ex-FDA employees express worries to Congress over politicization of vaccines | Fauci said his mask stance was 'taken out of context' by Trump


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Overnight Health Care: House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses | Ex-FDA employees express worries to Congress over politicization of vaccines | Fauci said his mask stance was ‘taken out of context’ by Trump

Top House Democrat: Parties ‘much closer’ to a COVID deal ‘than we’ve ever been’

The head of the House Democratic Caucus said Wednesday that the negotiators seeking an emergency coronavirus deal are “much closer” to a deal than they have been at any point during the long weeks of on-again-off-again talks.

Rep. Hakeem Jeffries (D-N.Y.) pointed to comments by Treasury Secretary Steven Mnuchin indicating a willingness to embrace $1.5 trillion in new stimulus spending – a number on par with the bipartisan relief package offered last week by the Problem Solvers Caucus – noting that that figure is far closer to the Democrats’ $2.2 trillion package than Republicans have previously backed.

After almost two months of stalled talks, Mnuchin and Speaker Nancy Pelosi (D-Calif.) have resumed the negotiations this week by phone. In some sign that progress is being made, Mnuchin met with Pelosi in the Speaker’s office on Wednesday afternoon.

Read more here.

House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses

An explosive staff report from the Democrats on the House Oversight Committee found that the CEOs of Teva and Celgene raised drug prices exponentially for no reason other than to boost profits and inflate executives’ bonuses.

Oversight Democrats at a hearing on Wednesday pressed those CEOs, and put them on the defensive.

Highlights: Internal documents obtained by the committee found Celgene raised the price

High drug prices driven by profits, House committee reports find

Enormous drug company profits are the primary driver of soaring prescription drug prices in America, according to a damning investigation that Democrats on the House Oversight Committee began releasing Wednesday.

The first two reports in the investigation focus on Celgene and Bristol Myers Squibb’s Revlimid cancer treatment, the price of which has been raised 23 times since 2005, and Teva’s multiple sclerosis drug Copaxone, which has risen in price 27 times since 2007.

The costs have little to do with research and development or industry efforts to help people afford medication, as drug companies often claim, according to the inquiry.

“It’s true many of these pharmaceutical industries have come up with lifesaving and pain-relieving medications, but they’re killing us with the prices they charge,” Rep. Peter Welch, D-Vt., said as the hearings began Wednesday. He added, “Uninhibited pricing power has transformed America’s pain into pharma’s profit.”

The top Republican on the committee, James Comer of Kentucky, called the investigation a partisan attack. “These hearings seem designed simply to vilify and publicly shame pharmaceutical company executives,” Comer said.

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Much of the drug industry’s profits come at the expense of taxpayers and the Medicare program, say the reports, which say that they are used to pay generous executive bonuses and that they are guarded by aggressive lobbying and efforts to block competition, regulation or systemic change in the United States while the rest of the world pays less.

“The drug companies are bringing in tens of billions of dollars in revenues, making astronomical profits, and rewarding their executives with lavish compensation packages — all without any apparent limit on what they can charge,” committee chair Carolyn Maloney, D-N.Y., wrote in a letter attached to the first two staff reports.

Rep. Elijah Cummings,

High drug prices driven by profits, House panel report finds

Enormous drug company profits are the primary driver of soaring prescription drug prices in America, according to a damning investigation that Democrats on the House Oversight Committee began releasing Wednesday.



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The first two reports in the investigation focus on Celgene and Bristol Myers Squibb’s Revlimid cancer treatment, which saw its price hiked 23 times since 2005, and Teva’s multiple sclerosis drug Copaxone, which went up in price 27 times since 2007.

Those costs have little to do with research and development or industry efforts to help people afford medication, as drug companies often claim, according to the probe.

“It’s true, many of these pharmaceutical industries have come up with lifesaving and pain-relieving medications, but they’re killing us with the prices they charge,” said Rep. Peter Welch (D-Vt.) as the hearings began Wednesday. He added that “uninhibited pricing power has transformed America’s pain into pharma’s profit.”

The top Republican on the committee, Rep. James Comer of Kentucky, called the investigation a partisan attack. “These hearings seem designed simply to vilify and publicly shame pharmaceutical company executives,” Comer said.

Much of the drug industry’s profits come at the expense of taxpayers and the Medicare program, are used to pay generous executive bonuses and are guarded by aggressive lobbying and efforts to block competition, regulation or systemic change in the United States while the rest of the world pays less, the reports say.

“The drug companies are bringing in tens of billions of dollars in revenues, making astronomical profits, and rewarding their executives with lavish compensation packages — all without any apparent limit on what they can charge,” committee chair Rep. Carolyn Maloney (D-N.Y.) wrote in a letter attached to the first two staff reports.

Rep. Elijah Cummings (D-Md.), the former committee chairperson who died last October,