Drug company executives defend exorbitant price hikes in hearing

in America, according to a damning investigation that Democrats on the House Oversight Committee began releasing Wednesday.

The top Republican on the committee, James Comer of Kentucky, called the investigation a partisan attack."These hearings seem designed simply to vilify and publicly shame pharmaceutical company executives," Comer said.

Teva CEO Kåre Schultz declined to address specific questions about much of the report, saying he took over only in 2017, in part to repair a company suffering after its Copaxone patent finally expired."In order for any pharmaceutical company to research and develop new drugs, or improve old ones, the price of successful medicines must reflect the significant cost of ongoing research and development projects," Schultz said.

In the case of Copaxone, Teva raised its price from less than $10,000 for a yearly course in 1997 to nearly $70,000.

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