Comment on Rep. Katie Porter Rakes Big Pharma CEO Over The Coals

Ed Scarce, Crooks and Liars
Wed, 09/30/2020 - 1:23pm

Rep. Katie Porter Rakes Big Pharma CEO Over The Coals

Rep. Katie Porter demanded to know why Celgene had increased the prices of a cancer drug over 300% in the past decade or so from the then CEO Mark Alles. His compensation increased as revenue increased. Celgene was aquired by Bristol-Myers Squibb in 2019 for $95 billion, including debt. At the time, this was the largest pharmaceutical company acquisition ever. Source: StatNews A handful of newly elected Democrats, including Rashida Tlaib of Michigan, Ayanna Pressley of Massachusetts and Katie Porter of California put drug industry CEOs on the defensive Wednesday like they’ve never been before. The trio of freshman lawmakers used an Oversight Committee hearing to press the CEOs of Teva, Celgene and Bristol-Myers Squibb — painfully and directly — on the results of an 18-month investigation into the pricing of two drugs: Teva’s Multiple Sclerosis drug copaxone and Bristol-Myers Squibb’s multiple myeloma drug revlimid.read more

 

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