for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Health

U.S. House Oversight Committee to subpoena AbbVie in drug-pricing probe

FILE PHOTO: A screen displays the share price for drugmaker AbbVie on the floor of the New York Stock Exchange July 18, 2014. REUTERS/Brendan McDermid/File Photo

(Reuters) - The U.S. House Oversight Committee on Tuesday decided to subpoena AbbVie Inc ABBV.N to seek documents on the drugmaker's blockbuster treatments, Humira and Imbruvica, as part of its investigation into drug-pricing practices.

The committee began the probe last year and had sought information from 12 drugmakers on price increases, corporate strategies to preserve market share and pricing power.

"After more than 18 months, AbbVie has demonstrated its unwillingness to comply voluntarily with the committee's investigation," Representative Carolyn Maloney, the Chairwoman of the committee, wrote in a memo here.

“Although most of the drug companies we are examining have cooperated with the committee’s investigation, AbbVie’s noncompliance stands out as particularly egregious, which is why I am issuing this subpoena.”

AbbVie said it has been cooperating with the committee since it received their initial letter in January 2019.

“While we are surprised and disappointed the committee chose to take this action, we will continue to work in good faith with them on this important subject,” the drugmaker said in a statement.

AbbVie shares fell nearly 3% to $93.10 on Tuesday.

Reporting by Ankur Banerjee in Bengaluru; Editing by Arun Koyyur

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up