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Congresswoman Miller questions big pharma executives about research investments at House hearing

Former Celgene CEO Mark Alles explains to West Virginia Congresswoman Carol Miller at a House Oversight and Reform Committee at the first of two hearings with pharmaceutical executives that in the last year before Bristol Myers Squibb acquired the company his regulation was research and development and spend 37 percent of its revenue, Teva CEO Kare Schultz answering his company spent a proximally 1 billion dollars each year, Bristol Myers Squibb CEO Giovanni Caforio explaining research and development was one of the highest in the industry on many programs that would ultimately not work including long and expensive clinical development programs and brain cancer, lung cancer, promote state cancer and other diseases that it failed, so the need to obtain a return on research and development investment was an important factor in thinking about the price of medicine.
Former Celgene CEO Mark Alles explains to West Virginia Congresswoman Carol Miller at a House Oversight and Reform Committee at the first of two hearings with pharmaceutical executives that in the last year before Bristol Myers Squibb acquired the company his regulation was research and development and spend 37 percent of its revenue, Teva CEO Kare Schultz answering his company spent a proximally 1 billion dollars each year, Bristol Myers Squibb CEO Giovanni Caforio explaining research and development was one of the highest in the industry on many programs that would ultimately not work including long and expensive clinical development programs and brain cancer, lung cancer, promote state cancer and other diseases that it failed, so the need to obtain a return on research and development investment was an important factor in thinking about the price of medicine.
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Restrictions:
May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing, or cast discredit on or dishonor any member of the U.S. House of Representatives or U.S. Senate, or bring the House or Senate or any Member into disrepute.
Credit:
FedNet / Getty Images
Editorial #:
1278031645
Collection:
FedNet
Date created:
September 30, 2020
Upload date:
License type:
Rights-ready
Release info:
Not released.ÌýMore information
Clip length:
00:01:18:02
Location:
Washington, DC, United States
Mastered to:
QuickTime 8-bit H.264 HD 1280x720 30p
Source:
FedNet
Object name:
hov093020k