WASHINGTON/NEW YORK - U.S. senators called drug pricing practices “morally repugnant” and told drug company executives they do not want to hear them blame others for the high prices, taking an aggressive stance at a Senate hearing on the rising costs of prescription medicines.
Executives from AstraZeneca PLC, Sanofi SA, Pfizer Inc, Merck & Co, Johnson & Johnson and Bristol-Myers Squibb Co also answered questions from members of the U.S. Senate Finance Committee. The executives also voiced support for plans to reform the industry-wide system of rebates that pharmacy benefit managers and health insurers receive from drugmakers in exchange for preferential coverage of their medicines.
The drug has a list price of more than $60,000 a year, nearly double what it was in 2014, according to Rx Savings Solutions, which helps health plans and employers seek lower cost prescription medicines. Congress has already held several hearings on rising prescription drug prices in both the Democrat-controlled House of Representatives and the Republican-led Senate, but Tuesday’s hearing is the first time drug company executives, most of them CEOs, will face lawmakers in more than two years.
Take the stop off price negotiations so that pricing can be properly brought down. Also, stop allowing companies to renew a patent multiple times so that a monopoly on any drug is continued.
Lots of bots here
Says the people who don't know how long it takes to bring a drug to market or how expensive research can be
Perhaps they could stop running commercials every 5 minutes and save some money... SideEffectsForDays
Create monopoly with regulations and pretend to blame it.
... for a few $$$ for the next election ... senators gave them the votes to set prices and screw the consumers.
Why are they telling them anything. They literally have the power to change it....
And we should know, we’re the Repugnant Party, we set the standards!
More catharsis theater. Weak words, no action.
Greed is driving those asshats. They already won with how much they've been able to get so far. They couldn't give 2 shits as long as they get to live entitled lifestyles
Again so much talk and no action.
But the Senators will no doubt settle for a picayune drop in drug prices.... as usual
Guess he never looked in a mirror
'Old fogeys continue feigning outrage at pharma system that keeps their pockets and campaigns flush with cash.'
“But keep sending us bribe checks and we’ll keep looking the other way.”
Political flexing