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Drug Pricing Investigation: Industry Spending on Buybacks, Dividends, and Executive Compensation
House Committee on Oversight and Reform
House Committee on Oversight and Reform
Abstract
The House Committee on Oversight and Reform investigated pharmaceutical pricing, revealing the industry's targeted price increases in the U.S. The report analyzes financial data from the world's 14 largest drug companies, exposing higher spending on buybacks and dividends than on research and development (R&D). The report challenges industry claims that reduced drug prices would stifle innovation, showing that these companies spent $56 billion more on buybacks and dividends than on R&D from 2016 to 2020. The report also states that spending labeled as R&D often aims to suppress generic competition and maintain monopoly prices.
Date
2021-07-08
Document Type
House Staff Report
Serial Number
Document Length
13 pages
Congress
117
Relation
DOI
Keywords
Staff Reports
PAP Major Code
3: Health
PAP Minor Code
335: Prescription Drug Coverage and Costs