WASHINGTON — The House Oversight Committee released two major reports Wednesday that expose the internal strategies used by drug makers Celgene and Teva to repeatedly jack up the price of their blockbuster drugs revlimid and copaxone.
The reports, which are the culmination of an 18-month investigation based on internal company documents, outline in vivid detail how both drug makers raised their prices at will and plotted to keep lower-cost alternatives off the market.
The CEOs of Teva, which markets copaxone, and Celgene, which marketed revlimid until late 2019, will testify before the Oversight Committee this morning. The CEO of Bristol Myers Squibb, which acquired Celgene in Nov. 2019, will also testify, although the majority of the Oversight Committee’s report focuses on the behavior of Celgene prior to the acquisition.
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