Sarbanes Slams Pharmaceutical Executives for Exorbitant Prescription Drug Prices [Video]
WASHINGTON, D.C. – During a House Oversight and Reform Committee hearing today, Congressman John Sarbanes (D-Md.) criticized pharmaceutical executives at AbbVie for excessive drug costs and demanded swift Congressional action to reduce prescription drug prices for all Americans by passing H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act.
“Nearly one in three Americans say they are unable to take their medications as prescribed because of the cost – one out of three,” said Congressman Sarbanes. “Innovative medications are worthless if people can’t afford them.”
Sarbanes continued: “And drug manufacturers like AbbVie argue that current prices are necessary to drive innovation and discover new treatments – but that’s not true. As the Committee’s investigation revealed, much of the research these companies are investing in isn’t innovative. It’s simply meant to preserve their pricing monopolies.”
Sarbanes concluded: “… Government research plays a huge role in drug development. So, taxpayers are investors here. Taxpayers are investing on the front end, a lot of the time, when it comes to the trajectory of these medications and drugs, but then having to pay again on the back end exorbitantly because of all these maneuvers that the industry has managed to embrace.”
See below for a video of the Congressman’s remarks.