Amgen, Novartis and Mallinckrodt next to face US House committee on pricing

5 October 2020

Executives from Amgen (Nasdaq: AMGN), Novartis (NOVN: VX) and Mallinckrodt (NYSE: MNK) were the second group to spend an uncomfortable day in front of the US House Committee on Oversight and Reform.

Reports were released and discussed on the companies’ price rises on Thursday, a day after they were published on Celgene, now part of Bristol Myers Squibb (NYSE: BMY), raising prices on the multiple myeloma drug Revlimid (lenalidomide), and on Teva Pharmaceutical Industries (NYSE: TEVA) doing so for Copaxone (glatiramer acetate), the multiple sclerosis treatment.

"Drug companies are targeting the USA for their biggest price increases in the entire world, bringing in tens of billions of dollars in revenues, making astronomical profits"Amgen came under the microscope for its activities in relation to Enbrel (etanercept), which is used to treat rheumatoid arthritis and other painful inflammatory diseases, and Sensipar (cinacalcet), which is used to treat the effects of kidney failure and parathyroid cancer.

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