Executives from five of the country's largest pharmacy benefit managers are facing questions about drug pricing from the U.S. Senate Finance Committee on Tuesday. Over the last decade, these companies have contributed nearly $1 million to the campaigns of these committee members.
Executives from five of the country's largest pharmacy benefit managers are facing questions about drug pricing from the U.S. Senate Finance Committee on Tuesday. Over the last decade, these companies have contributed nearly $1 million to theWhen executives from five of the country’s biggest pharmacy benefit managers testify before the Senate Finance Committee Tuesday, they’ll be staring down a group of senators who have benefited from their businesses.
John Prince, CEO of United Healthcare’s Optum, donated $2,500 in 2015 to the campaign committee of Senator Pat Toomey . Steve Miller, executive vice president and chief clinical officer of Cigna, has contributed $1,000 to the campaign committees of Toomey and Wyden. The other two executives testifying, Prime Therapeutics interim CEO Mike Kolar and Humana healthcare services president William Fleming have donated only to their companies’ PACs since 2009.
Others who received more than $60,000 in contributions to their campaign committees include Bob Casey Jr. , Michael Bennet and Bill Cassidy .Tuesday’s hearing marks the third in a series that Senators Chuck Grassley and Ron Wyden , who lead the Senate Finance Committee, have held this year to examine the high cost of prescription drugs in America.
Executives from pharmaceutical firms AbbVie, Bristol-Myers Squibb, AstraZeneca, Pfizer, Johnson & Johnson, Merck and Sanofi testified before the Senate Finance Committee in February, acknowledging a broken pricing system. But rather than commit to lowering prices on their end, they placed some blame on insurance companies and pharmacy benefit managers, or PBMs.
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