Lawmakers criticized pharmaceutical industry leaders during Senate testimony Tuesday, for failing to put patients before profits. The executives deflected blame over high drug prices to insurance companies and middlemen.
, whose list price has risen from $244 to $431 since 2013, according to the committee.
, R-Iowa, the committee's chairman."I've heard about people skipping doses of their prescription drugs to make them last until the next paycheck.""I think you and others in the industry are stonewalling on the key issue, which is actually lowering list prices," he said."Lowering those list prices is the easiest way for consumers to pay less at the pharmacy counter.
Several of the CEOs, under pressure from Grassley, said they would lower their list prices if that proposal is finalized and the rule applied to both government and commercial prescription drug plans. However, they said they don't want to see the government negotiating drug prices directly through Medicare, a proposal that has been"The government should not directly control the price of medicines either through federal government price controls or worse, outsourcing prices to other countries," Brandicourt said.of their products don't reflect what they actually make on those products, drugmakers have consistently enjoyed some of the highest profit margins of any industry.
"We need an American solution to this American challenge," said Taubert of Johnson & Johnson's Janssen unit.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pharmaceutical Industry CEOs Face Senate Hearing on Drug PricesExecutives for some of the biggest drug companies will visit Capitol Hill on Tuesday to face tough questions in a Senate hearing on the rising cost of medicines.
Read more »
Drugmakers’ CEOs clash with senators in hearing on drug price hikesExecutives from seven pharmaceutical giants endure grillings but also push back Tuesday on Capitol Hill, as they testify before the Senate Finance Committee about rising drug prices.
Read more »
GOP congressman jumps into critical Alabama Senate raceGOP Rep. Bradley Byrne jumped into the Alabama Senate race against the most vulnerable Democrat up for reelection, Alabama’s Doug Jones
Read more »
Stocks fight for traction following Powell’s Senate testimonyU.S. stocks on Tuesday struggle for direction, weaving in and out of positive territory, as Federal Reserve Chairman Jerome Powell reiterated the central bank’s wait-and-see approach in congressional testimony.
Read more »
Exclusive: Senate Democrats to offer unity climate resolutionAll 47 members of the Senate Democratic caucus plan to introduce a resolution today urging Congress to act immediately on climate change
Read more »
Senate Republicans have a math problem on Trump's border emergencyOn Tuesday, the Democratic-majority House will vote to disapprove of President Donald Trump's decision to declare a national emergency along our Southern border. Once that happens, the Senate, by law, will have 18 days to take a vote of its own on the privileged resolution.
Read more »
Drug executives grilled in Senate over high pricesChuck Grassley opened the hearing saying that Americans are “sick and tired of the blame game.”
Read more »
Stocks fight to gain altitude as investors watch Powell’s Senate testimony, weigh dataU.S. stocks on Tuesday pare early losses and attempts to break in to positive territory as Federal Reserve Chairman Jerome Powell reiterates the central bank’s newfound wait-and-see approach in congressional testimony.
Read more »