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The U.S. House of Representatives Oversight and Reform Committee is holding a hearing Wednesday with current and former executives of three major drug companies on the high cost of prescription drugs in the U.S.
Bristol Myers Squibb CEO Giovanni Caforio, Teva Pharmaceuticals CEO Kare Schultz and former Celgene CEO Mark Alles are slated to testify at the House committee hearing titled, "Unsustainable Drug Prices: Testimony from the CEOs."
Prescription drug spending in the U.S. far exceeds that of other high-income countries, increasing to $335 billion in 2018, according to U.S. data. The House committee has said it sent letters to some of the largest drug companies in the world seeking a broad range of documents and information regarding price increases, executive compensation and strategies the companies may use to limit competition.