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Republicans Tell Drug Companies Not To Comply With House Probe Into Drug Prices — To Protect Their Stock Prices

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Republicans Tell Drug Companies Not To Comply With House Probe Into Drug Prices — To Protect Their Stock Prices





In what is being described as “an unusual move,” House Republicans are warning drug companies against complying with a House investigation into how drug companies set prescription drug prices, reports Buzzfeed News.

Republicans members of the House Oversight Committee, led by Reps. Mark Meadows (R-NC) and Jim Jordan (R-OH), sent letters to a dozen CEOs of major drug companies warning that information they provide to the committee could be leaked to the public by the Democratic chairman of the committee, Rep. Elijah Cummings, in what they alleged was an effort to tank their stock prices, reports Buzzfeed.

The Republicans also accused Cummings of attempting to collect the information in order to bring down the industry’s stock prices.



They write that Cummings is seeking sensitive information “that would likely harm the competitiveness of your company if disclosed publicly.”

They then accuse Cummings of “releasing cherry-picked excerpts from a highly sensitive closed-door interview” conducted in an investigation into White House security clearances. “This is not the first time he has released sensitive information unilaterally,” says the letter. The authors say they “feel obliged to alert” the drug companies of Cummings’ actions.

Chairman Cummings requested information from 12 drug companies, including Pfizer Inc., Johnson & Johnson, and Novartis AG in January as part of an investigation into how the drug industry sets prescription sets prices on lifesaving medications.

“Rep. Jordan is on the absolute wrong side here,” said Cummings in a statement to BuzzFeed. “He would rather protect drug company ‘stock prices’ than the interests of the American people.”





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