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The largest drug companies are far more interested in enriching themselves and investors than in developing new drugs, according to a House committee report released Thursday that argues the industry can afford to charge Medicare less for prescriptions. The report by the House Oversight and Reform Committee says that contrary to pharmaceutical industry arguments that large profits fund extensive research and innovation, the major drug companies plow more of their billions in earnings back into their own stocks, dividends and executive compensation. And they can do it largely because Congress has imposed few restrictions on their pricing in the United States including in the Medicare program, which is not permitted to negotiate drug prices, House Democrats say.

United statesFrank benenatiCarolyn maloneyMichael bachnerNancy pelosiJoe bidenBrian newellOversight committeeReform committeeBristol myers squibbHouse committee on oversightRepublican congressNovo nordiskHouse oversightHouse democratsOversight committee chair carolyn maloney