Republicans tell drugmakers that complying with House probe could hurt their stock prices

In an atypical move, House Republicans sent letters to a dozen drugmakers warning that compliance with a House panel investigation into drug prices could hurt their stock prices.

The letters from Republicans on the House Oversight Committee, first reported by BuzzFeed News, warn pharmaceutical CEOs that information provided to the committee could be leaked to the public. Specifically, the letters imply that committee chair Sen. Elijah Cummings, D-Md., may share details to negatively affect their stock prices.

The letters from Republican representatives come after Mr. Cummings requested information from 12 drug companies as part of a broad investigation into industry pricing practices.

Mr. Cummings is seeking sensitive information "that would likely harm the competitiveness of your company if disclosed publicly," the letters read.

The letters were sent to AbbVie; Amgen; AstraZeneca; Celgene; Eli Lilly; Johnson & Johnson; Mallinckrodt; Novartis; Novo Nordisk; Pfizer; Sanofi; and Teva Pharmaceuticals.

Read more here.

 

More articles on pharmacy:
7 drugs projected to become blockbusters by 2023
3 insulin manufacturers to testify at House panel April 10
Cigna-Express Scripts cap out-of-pocket 30-day insulin costs at $25

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months