New Report by Rep. Katie Porter Exposes Big Pharma’s Launch Price Abuse
Congresswoman calls for additional patient and taxpayer protections to maximize drug pricing reforms
WASHINGTON—Congresswoman Katie Porter (D-CA) today released a report documenting how Big Pharma has set prices for new drugs higher and higher to line its pockets. The report, “Skyrocketing: How Big Pharma Exploits Launch Prices to Cash in on Cancer,” analyzes pricing and spending data to expose how the prices of newly launched cancer drugs put patients and taxpayers at risk.
“Our report is clear: the prices Big Pharma sets for new cures show that these companies think of cancer more like a business opportunity than a life-threatening disease,” said Porter, a longtime consumer protection attorney. “For Congress to maximize the Inflation Reduction Act’s protections for patients and taxpayers, we must double down on fighting corporate abuse in drug pricing. Our office’s new report lays a framework for future reforms to address another major driver of high pharmaceutical costs: increasing launch prices for new drugs.”
Read the report: Skyrocketing: How Big Pharma Exploits Launch Prices to Cash in on Cancer.
Using the example of cancer drugs, Congresswoman Porter’s report found that:
Congresswoman Porter has tirelessly fought to hold Big Pharma accountable on behalf of patients. A version of her proposal to hold Big Pharma accountable for unreasonable price hikes became law as part of the Inflation Reduction Act. As a member of the Oversight Committee, she has confronted Big Pharma CEOs directly about the skyrocketing costs of prescription drugs. Porter has called for investigations into industry influence over drug approvals, including for high-priced drugs brought to market under the accelerated approval pathway.
Read the full report HERE.