Pharma CEOs grilled by Senate over high drug prices, but point finger at PBMs

Published February 10th, 2024 by Devteam

Dear Reader,

Great read below on who sets the prices on prescriptions in the United States.

Pharma CEOs grilled by Senate over high drug prices, but point finger at PBMs

The CEOs of Merck, Bristol Myers Squibb and Johnson & Johnson faced a barrage of questions on Capitol Hill from Sen. Bernie Sanders (I-VT) and other members of the Health, Education, Labor, and Pensions committee. Please allow me the synopsis conversation between Senator Bernie Sanders and one of the manufacture's CEO.

Bernie Sanders asked…“Will you commit today to reduce the list price of the prescription in the United States to the price that you charge in Canada, where you make a profit?”

CEO response…” Senator, we can’t make that commitment, primarily because the prices in these two countries have different systems, he said, adding that the company has paid billions of dollars in rebates to intermediaries that unfortunately do not go to lowering the price of the medicines.”

Two of the prescriptions cited in the article that are provided by Canada is Eliquis with 70% savings and Stelara with 40% savings.

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Healthcare cost is close to 18% of Gross Domestic Product (GDP) and a very good portion of that cost are prescription drugs. Normal inflation for the past 10 years has been 1.9% while Prescription Drugs alone have skyrocketed to over 15%.

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