For more than two years, @OversightDems have been investigating the pharmaceutical industry’s pricing and business practices

Today, we are releasing our seventh staff report.

The findings are shocking. This is what we know ⬇️
The staff report analyzed financial data from 14 of the largest drug companies, evaluating how much they spent to enrich investors and executives, the amount spent on R&D, and the potential impact of Medicare price negotiations.
bit.ly/3jSu7do
From 2016 to 2020, the 14 leading drug companies spent $577 billion on stock buybacks and dividends—$56 billion more than they spent on R&D over the same period.
These 14 companies are projected to spend $1.15 trillion on buybacks and dividends from 2020 through 2029.

This is more than TWICE the amount the Congressional Budget Office projected would be saved by H.R. 3 over the same period!
From 2016 to 2020, compensation for the 14 companies’ top executives totaled $3.2 billion, with compensation growing by 14% over that five-year period.
Many drug companies spent a significant portion of their R&D budget on finding ways to suppress generic and biosimilar competition while continuing to raise prices, rather than on innovative research.
Today’s staff report release has made the need for H.R. 3, the Elijah E. Cummings Lower Drug Prices Now Act, clear.

H.R.3 would address these findings by empowering Medicare to negotiate directly with drug companies to lower prices for Americans who rely on prescription drugs.

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More from @OversightDems

21 Aug 20
House GOP claims there are NO DELAYS at the #postalservice.

Some Republicans prefer to shut their eyes, put their hands over their ears, and bury their heads in the sand.

The facts are clear. Let’s review. (1/6)
1⃣ Rs are ignoring the data.

savethepostoffice.com/need-proof-cha…

(2/6)
2⃣ Rs are ignoring national headlines.

LA Times: ‘Like Armageddon’: Rotting food, dead animals and chaos at postal facilities amid cutbacks.

lat.ms/2EhX1RN

(3/6)
Read 6 tweets
5 Feb 20
"If the Administration moves to a chained price index, by 2030, the poverty line for a family of four would be $691 lower than it would be using the existing inflation index."
-Subcommittee on Government Operations Chair @GerryConnolly
@GerryConnolly "The Administration cannot solve the nation’s poverty problem by simply lowering the dollar amount that defines poverty and claiming victory. The Administration’s efforts disregard the hardships that those experiencing poverty endure. " -Chair Connolly
@GerryConnolly "Given the critically flawed assumptions baked into the proposal, it is no surprise that OMB received over 57,000 comments and counting, most in opposition to lowering the inflation index for the Official Poverty Measure." -Chair Connolly
Read 7 tweets
25 Oct 19
Today, @USATODAY published an op-ed authored by the Staff of @RepCummings. Here is a thread of excerpts from the op-ed.

usatoday.com/story/opinion/…
As current and former congressional staff of Chairman Elijah E. Cummings, we had the great honor and privilege of working with him for more than two decades.
Whether in a hearing room full of Members of Congress or in a quiet conversation with staff, his example motivated us to become our best selves in the service of others. He was genuine.
Read 9 tweets
24 Oct 19
#THREAD: In honor of our forever Chairman @RepCummings, we are sharing some of his most powerful moments of the 116th Congress that embody: Pain. Passion. Purpose.
One of @RepCummings’ top priorities was always the rising costs of prescription drug prices and it was his first hearing as Chairman. He told a mother, whose daughter tragically died when they could not afford the price of insulin, "you are not alone."
bit.ly/2BRBDhz
@RepCummings Chairman @RepCummings was a tireless champion for voting rights. During his second hearing as Chairman about #HR1, he shared that the last words from his 92-year-old mother were: “do not let them take the vote away from us.”

vox.com/policy-and-pol…
Read 10 tweets
29 Aug 19
BREAKING: After Committee inspections of #DHS immigration facilities found serious problems, #DHS abruptly blocked further staff visits.

@RepCummings requests #DHS provide meaningful access to the identified #ICE and #CBP facilities.

oversight.house.gov/news/press-rel…
@RepCummings .#DHS testified at an @OversightDems hearing that they welcomed the Committee to visit immigration facilities and would engage in a dialogue about “improving the standards that exist.”

Last week, Committee staff conducted bipartisan site inspections of these facilities.
@RepCummings At #CBP facilities, Democratic and Republican staff heard many serious allegations.

Detainees expressed that toddlers—and even one infant—were being fed burritos rather than age-appropriate food and parents were not given a sufficient number of diapers for their children.
Read 5 tweets
15 Jul 19
“Today, the Committee was scheduled to hear testimony from #KellyanneConway, Counselor to the President, about her repeated violations of federal laws.” -Chairman @RepCummings
“This is the second time in three weeks our Committee has attempted to obtain her testimony. We invited her to appear voluntarily at a hearing on June 26, but she refused.” oversight.house.gov/news/press-rel…
“The Committee then voted to authorize a subpoena to compel her to testify here today. In defiance of that subpoena, Ms. Conway is again refusing to appear.” oversight.house.gov/news/press-rel…
Read 13 tweets

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