releases: https://kaptur.house.gov/media-center/press-releases/rep-kaptur-criticizes-proposed-155-billion-pfizer-allegan-inversion-deal
Data license: MIT · Data source: dwillis/congress-press
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| https://kaptur.house.gov/media-center/press-releases/rep-kaptur-criticizes-proposed-155-billion-pfizer-allegan-inversion-deal | Rep. Kaptur Criticizes Proposed $155 Billion Pfizer-Allegan Inversion Deal | 2015-11-23 | 2015 | 2015-11 | Democrat | House | OH | Marcy Kaptur | K000009 | kaptur.house.gov | legacy | WASHINGTON, D.C. Congresswoman Marcy Kaptur (OH-9) responded today to news that Pfizer is pursuing a $155 billion deal to acquire Allergan, which would make the resulting company the largest pharmaceutical company in the world and move its headquarters overseas to avoid its U.S. tax liabilities. The last thing our nation's pharmaceutical industry needs right now is major consolidation and inversion, said Rep. Kaptur. The level of consolidation in this proposed deal would hurt consumers and the whole pharmaceutical industry by reducing competition and outsourcing skilled jobs, all so an already multi-national corporation can dodge tax responsibilities and further monopolize specific sectors in the industry. Kapturadded, Pharmaceutical industry consolidation is itself a growing trend that has contributed to significant increases in drug prices overnight, often forcing people to choose between their health and their financial security. This deal is a perfect example of why we need Congressional action both to reform our corporate tax system and to stop the price gouging that is running rampant in this industry. Let us stand up for our nation's seniors, families, and all those fighting for their health. Kaptur is a founding member of the Affordable Drug Pricing Task Force in the House of Representatives. Earlier this year, Rep. Kaptur successfully placed language into the Labor, Health and Human Services (HHS), and Education Appropriations bill directing the HHS Secretary, in consultation with the Secretary of the Department of Veterans Affairs (VA), to report to Congress within 120 days of the bill's enactment with an analysis of prescription drug price increases to review how the Federal Government has achieved competitive cost reductions for drugs since 2001. Once completed, the analysis will be used to identify possible cost savings available through the expansion of collective bidding and bulk price negotiation. President Barack Obama has called corporate inversions unpatriotic and directed the Treasury Department and the Internal Revenue Service to develop rules to further restrict the practice, which has cost the U.S. government billions of dollars in lost tax revenue. A recent Kaiser Health Tracking Poll found that 77 percent of respondents say the top health care priority for the President and Congress should be making sure high-cost drugs for chronic conditions are affordable for those who need them. 63 percent say the top priority should be government action to lower prescription drug costs, including a majority of Republican respondents (56%).Important widely-prescribed drugs, including Humulin RU-500 to treat diabetes and EpiPen for allergic reactions, have increased in price by 200 to 300 percent from 2007 to 2014. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |