In response to a U.S. Congress report, Philips says it did not raise the price of its ventilators to benefit from the COVID-19 pandemic, Reuters reports.  

The U.S. Congress House Subcommittee on Economic and Consumer policy had said earlier in the day that the White House had overpaid Philips by at least $500 million in a deal struck during the first peak of coronavirus infections.

The committee said the government had agreed to pay almost five times the price for hospital ventilators compared with its previous deal for similar equipment from Philips.

“I would like to make clear that on no occasion has Philips raised prices to benefit from the crisis situation,” Chief Executive Frans van Houten said in a statement.

Read the full Reuters story.