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PhRMA- Go Boldly (video)

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aka ron View Drop Down
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Joined: 11 Apr 2009
Location: WI
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    Posted: 10 Mar 2019 at 11:07am
I guess the big Rx companies felt the need to assure the American people that they are actually doing something to help the fine folks of the USA. Confused

Drug executives grilled in Senate over high prices

Top pharmaceutical executives lined up at a Senate hearing Tuesday and expressed deep compassion for patients suffering from disease. They decried high co-payments that shock consumers at the pharmacy counter. They denounced rebates they pay to insurance companies.

But while they were eager to indict a system they said is badly broken, they declined to commit to lowering their own prices.

The CEOs from Pfizer, Merck, Sanofi and others were subjected to a ritualistic grilling. But the executives survived the three hours of questioning largely unscathed by deflecting blame for their list prices to insurance companies, despite an admonishment from Senate Finance Committee Chairman Charles E. Grassley (R-Iowa) that he would not stand for finger-pointing.

The industry leaders said they are forced to set prices higher so they can pay big rebates to insurance companies and pharmacy benefit managers (PBMs).

They acknowledged that practice especially hurts consumers without insurance, who pay full list price at the pharmacy, as well as those with coverage whose co-payment is a percentage of the list price. They insisted they are not to blame for the pain.

“The list price is actually working against the patient,’’ said Merck chief executive Kenneth C. Frazier, a stark acknowledgment that the industry’s role in setting prices is hurting individuals. “The people who can least afford it are paying the most.’’

I can't complain but sometimes I still do.
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