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.