Politics, Policy & Law
Revlimid, Copaxone are poster children for price abuses, House committee says
The House Committee on Oversight and Reform Wednesday released reports and documents that, according to committee Democrats, demonstrate that drug companies take unjustified price increases and engage in unethical and anticompetitive practices that create barriers to access for American patients and excessive burdens on taxpayers.
The reports, released to coincide with a hearing featuring a trio of current and former biopharma CEOs, will not resolve a stalemate in the current Congress between House Democrats and Senate Republicans over competing drug pricing control bills, but they are certain to be cited in 2021 debates over drug pricing legislation.
In the first day of a two-day hearing, the committee focused on price increases of Revlimid lenalidomide and Copaxone glatiramer acetate. The U.S. Revlimid price has increased more than 215% since its launch in 2005, while Copaxone’s price has increased sevenfold since 1997.
Revlimid was developed by Celgene Corp., which is now part of Bristol Myers Squibb Co. (NYSE:BMY). Copaxone was developed and is marketed by Teva