Ten years of price increases 18 times! AbbVie was summoned by the government for high pricing by "drug king" Shumeile.

AbbVie's shares fell nearly 4 percent on Tuesday on news that the U.S. House Oversight and Reform Committee is conducting an investigation into drug pricing.
for the House of Representatives, the subpoena is an ongoing investigation into pricing practices in the pharmaceutical industry.
B. Maloney, chairman of the U.S. Security Council, said in a statement Tuesday that AbbVie was subpoenaed because the company had failed to voluntarily cooperate with the commission's investigation over the past 18 months.
2019, Former Committee Chairman Rep. Elijah Cummings announced that the U.S. government would investigate the pricing of 12 pharmaceutical companies.
the 12 pharmaceutical companies are known to sell 19 of the most expensive drugs in the United States.
the investigation began, Cummings wrote to Richard Gonzalez, AbbVie's chief executive, and other senior officials in the industry asking for company strategy documents on price increases, investment in research and development, and maintaining its drug market share and pricing power.
cummings also sent several letters to Mr. AbbVie, saying that the responses the U.S. government is currently getting are seriously inadequate.
, said AbbVie's response was alarming compared to other drug companies that actively cooperated with the commission's investigation.
fewer than 7,000 documents have been submitted to the commission since the inquiry began.
addition, a large part of the submission was non-substantive or repetitive.
the commission is particularly interested in pricing two of AbbVie's "heavy bombs", Humira and Imbruvica, Reuters reported.
Maloney also stated in his speech that "as a large multinational company, AbbVie's responses have been particularly poor in terms of the quantity and quality of the documents related to the two most profitable products under review by the Commission compared to other companies targeted by the Commission."
"in response to the committee's allegations, AbbVie denies the allegation that it did not respond to the committee's request," the company said, saying it had been actively cooperating with the government's investigation since Gonzalez received the committee's first letter last year.
, AbbVie said in a statement to Reuters, "While we are surprised and disappointed that the Committee has chosen to take this action, we will continue to work with them in good faith on this important issue."
" is AbbVie's drug for rheumatoid arthritis and other inflammatory diseases, generating nearly $20 billion in revenue for AbbVie in 2019.
U.S. government noted that in the 10 years from 2009 to 2019, AbbVie raised the price of the ride 18 times.
years, Shumeile as the "King of Drugs" has been the world's best-selling drug.
, the company's drug Ibudinib, used to treat chronic lymphocytic leukemia, earned $4.8 billion last year.
Despite the approval of a variety of biosimilars, AbbVie has been using various legal means to protect the patent rights to the "money tree" drug to reduce the market space for generic drugs.
Of course, in addition to AbbVie, multinational pharmaceutical companies including Amway, Novaral, Sanofi, Teva, AstraZeneta, Andrem and Shishi Shiguibao are also actively using various methods to maintain patents for their heavy-weight drugs in order to maintain market share.
source: House Committee Subpoenas AbbVie Over Drug Pricing for Humira, Imbruvica.