{"database": "press", "table": "releases", "rows": [["https://www.mccaskill.senate.gov/media-center/news-releases/collins-mccaskill-release-committee-report-of-bipartisan-drug-pricing-investigation", "Collins, McCaskill Release Committee Report of Bipartisan Drug Pricing Investigation", "2016-12-21", "2016", "2016-12", "Democrat", "House", "MO", "Claire McCaskill", "M001170", "www.mccaskill.senate.gov", null, null, "legacy", "Collins, McCaskill Release Committee Report of Bipartisan Drug Pricing Investigation \n\t\t\t\t\n\t\t\t\t\t Report includes findings from three hearings; review of more than one million pages of documents; and interviews with scores of patients, doctors, hospital administrators, consumer advocates, health experts, and pharmaceutical industry executives \n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\tWednesday, December 21, 2016\n\t\t\t\n\t\t\t\n\t\n\t\t\t\n\t\t\tWASHINGTON \u2014 U.S. Senators Susan Collins (R-Maine) and Claire McCaskill (D-Missouri), the Chairman and Ranking Member of the Senate Aging Committee, released a report on drug pricing today titled, \u201cSudden Price Spikes in Off-Patent Prescription Drugs: The Monopoly Business Model that Harms Patients, Taxpayers, and the U.S. Health Care System.\u201d The comprehensive report details the findings stemming from the Committee\u2019s bipartisan investigation into abrupt and dramatic price increases for prescription drugs whose patents expired long ago. Through close examination of the monopoly business model used by four pharmaceutical companies to exploit market failures, the report examines how companies acquired decades-old, off-patent, and previously affordable drugs and then raised the prices suddenly and astronomically at the expense of patients. The report provides case studies of the four companies; explores the influence of investors; assesses the impacts of price hikes on patients, payers, providers, hospitals, and the government; and discusses potential policy responses.\r\n\u201cThe skyrocketing prices of prescription drugs affect every American family, particularly our seniors,\u201d said Chairman Collins. \u201cThis report is the culmination of the Senate Aging Committee's year-long, bipartisan investigation into the egregious price increases on a number of decades-old drugs acquired by pharmaceutical companies that act more like hedge funds. We must work to stop the bad actors who are driving up the prices of drugs that they did nothing to develop at the expense of patients just because, as one executive essentially said, \u201cbecause I can.\u201d\r\n\u201cThe hedge fund model of drug pricing is predatory, and immoral for the patients and taxpayers who ultimately foot the bill\u2014especially for generic drugs that can be made for pennies per dose,\u201d Ranking Member McCaskill said. \u201cWe\u2019ve got to find ways to increase competition for medicines and ensure that patients and their families aren\u2019t being gouged.\u201d\r\nChairman Collins and Ranking Member McCaskill launched the Aging Committee\u2019s bipartisan investigation in November 2015 following a series of media reports detailing dramatic drug price increases after the acquisition of decades-old, off-patent, and previously affordable drugs. The investigation centered on Turing Pharmaceuticals, Retrophin, Inc., Valeant Pharmaceuticals International, Inc., and Rodelis Therapeutics. Evidence gathered by the Committee also suggests that additional companies have employed the monopoly business model uncovered in this report, putting the health and lives of Americans at risk.\r\nThe views of a wide-range of health policy experts and clinicians were considered, and the report identifies potential policy responses:\r\n \r\nEnact the Increasing Competition in Pharmaceuticals Act, introduced by Chairman Collins and Ranking Member McCaskill, to incentivize competition to address regulatory uncertainty, small market size, and other factors that serve as limitations to generic entry;\r\nEncourage generic competition by ensuring the right to obtain samples and simplifying Risk Evaluation and Mitigation Strategies;\r\nConsider allowing highly targeted, temporary prescription drug importation to provide prompt price relief for major price increases in off-patent drugs;\r\nTake steps to prevent the misuse of patient assistance programs and copay coupons;\r\nReinvigorate the Federal Trade Commission to take greater enforcement action on drug company mergers, operations, and drug market dynamics; and\r\nImprove transparency in the health care system.\r\n \r\nThroughout the investigation, Chairman Collins and Ranking Member McCaskill have been committed to promoting innovation while improving access and affordability of prescription medications for patients, particularly for the 90 percent of our nation\u2019s seniors who take prescription drugs. Chairman Collins and Ranking Member McCaskill strongly support continued efforts to stop bad actors who are acquiring drugs that have been off-patent for decades and driving up their prices solely because they can.\r\nDuring the course of its bipartisan investigation, the Aging Committee held three hearings; interviewed scores of patients, doctors, hospital administrators, consumer advocates, health experts, and pharmaceutical industry executives and board members; reviewed more than one million pages of documents obtained from the four companies; and deposed or took transcribed interviews of numerous corporate witnesses.\r\nThe first hearing of the series, held on December 9, 2015, sought to identify and define the problems resulting from these price increases. The second hearing, held on March 17, 2016, took an in-depth look inside the monopoly business models of Turing and Retrophin, both formerly headed by Martin Shkreli. The third hearing, held on April 27, 2016, investigated Valeant\u2019s business model, its investor relationships, and the harm caused to patients and the health care system by the enormous price increases Valeant imposed on certain drugs it acquired.\r\nThe full report can be found online HERE.\r\n###\n\t\t\t\n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\tPrint\n\t\t\n\t\t\n\t\t\t\n\t\t\tEmail\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t  \n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\tTweet", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.mccaskill.senate.gov/media-center/news-releases/collins-mccaskill-release-committee-report-of-bipartisan-drug-pricing-investigation"], "units": {}, "query_ms": 14.836974907666445, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}