Pharmaceutical Execs Grilled By Senators About High US Drug Prices
The Senate Committee on Health, Education, Labor and Pensions, led by Sen. Bernie Sanders, held a hearing Thursday on the cost of prescriptions drugs. The CEOs for Bristol Myers Squibb, Johnson & Johnson, and Merck faced questions on pricing practices and why medicines cost more in the U.S. than other countries.
NPR:
Senators Ask CEOs Why Their Drugs Cost So Much More In The U.S.
Sparks flew on Capitol Hill Thursday as the CEOs of three drug companies faced questions from the Senate Committee on Health, Education, Labor and Pensions about why drug prices are so much higher in the United States than they are in the rest of the world. The executives from Bristol Myers Squibb, Johnson & Johnson and Merck spent almost three hours in front of the committee going back and forth about pricing practices and how the companies spend their money. (Lupkin, 2/8)
Stat:
Bernie Sanders Gets Little From Pharma CEOs On Drug Prices
Call it Sen. Bernie Sanders’ prescription drug pricing theater. The hearing, featuring Merck CEO Robert Davis, Johnson & Johnson CEO Joaquin Duato, and Bristol Myers Squibb CEO Chris Boerner, was designed to draw public interest, and in that respect, it worked. The wood-paneled hearing room in a Senate office building was standing room only, with an overflow room prepared. Photographers flocked for photos as Sanders shook hands with each executive, standard practice before such hearings begin. (Cohrs, 2/8)
More on the high cost of prescriptions —
Bloomberg Law:
Johnson & Johnson Case Signals Employee Drug Price Suits To Come
A novel lawsuit from an employee suing Johnson & Johnson Inc. for allegedly mismanaging drug benefits appears a harbinger of litigation to come against companies, especially those that rely on pharmaceutical industry middlemen to negotiate pricing and rebates. Ann Lewandowski, a health-care policy and advocacy director for Johnson & Johnson, filed the proposed class action Feb. 5 in US District Court for the District of New Jersey. The suit said the New Jersey-based company mismanages its employee health plan by paying its pharmacy benefit manager, Express Scripts Inc., inflated prices for generic specialty drugs that are widely available at much lower cost. (Hansard, 2/9)
Other news from Capitol Hill —
Stat:
For Medicare Advantage, Democrats Want Stronger Protections Around AI
Senate Democrats on Thursday said Medicare should take more urgent and aggressive action to prevent health insurance companies from using artificial intelligence to unlawfully deny medical services. The Biden administration’s latest efforts to increase transparency into AI tools don’t go far enough to protect patients, the lawmakers said at a Senate Finance Committee hearing. (Herman and Ross, 2/8)
