"The investigation has provided a rare glimpse into the decision-making of many of the world's most profitable drug companies," said Carolyn Maloney, D-N.Y., chair of the Oversight and Reform Committee. "Reforms are also needed to make pharmaceutical R&D spending more transparent and prevent anti-competitive practices that suppress generic competition and keep prices high."

Drug manufacturers fired back, saying the focus on price is misleading because many patients receive discounts.

"This so-called investigation has ignored the real affordability problems people face, like rising deductibles and other out-of-pocket costs," said Debra DeShong, executive vice president for public affairs for PhRMA. "This is nothing more than a partisan exercise to justify an extreme proposal that will restrict patient access to lifesaving cures and treatments. We think there's a better way that would lower costs at the pharmacy, while preserving choice, access and innovation."

Committee Republicans, led by ranking member James Comer, R-Ky., offered their own perspective, focusing on the role of pharmacy benefit managers. "Democrats talk a big game when it comes to lowering prescription drug prices, but they refuse to conduct oversight over the middlemen who are driving up costs for patients to increase their bottom line," he said.

The Democratic report comes as party leadership attempts to ramp up pressure on the Senate to pass the party's sweeping social spending bill, which contains several provisions to curb drug costs. At the same time, the report lays out a roadmap of what else the party hopes to achieve on drug pricing beyond the social spending bill.