The top executives from seven major drugmakers told a Senate committee Tuesday that their industry isn’t solely to blame for historically high drug prices, setting up a clash with lawmakers who insist the companies are gaming a broken system. The testimony from several drug industry CEOs is the first
The top executives from seven major drugmakers told a Senate committee Tuesday that their industry isn’t solely to blame for historically high drug prices, setting up a clash with lawmakers who insist the companies are gaming a broken system.
Testifying were the CEOs of AbbVie, AstraZeneca, Bristol-Myers Squibb, Pfizer and Sanofi, and a top executive for Johnson & Johnson. PHOTO: Chairman Sen. Chuck Grassley takes his seat at a Senate Finance Committee organizational meeting and hearing in Washington, Feb. 2, 2019. Sen. Charles Grassley, the new chair of the Senate Finance Committee, said he still wants answers on what drugmakers can do to drive down high list prices, which often translate to bigger copays.
Overall, drug spending has risen rapidly in recent decades as pharmaceutical companies churn out new, groundbreaking drugs with high price tags that industry executives say are needed to recoup research costs.
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