New Jersey Democratic Senator Bob Menendez issues a "friendly warning" to the CEO's of several pharmaceutical companies testifying on Capitol Hill, telling them that the issue is a public…
Question involves whether companies set the "list price" of drugs, which determines how much patients pay at the pharmacy counter.
Richard Gonzalez, CEO, AbbVie (Rebate Mention)
Albert Bourla (CEO, Pfizer) (Rebate Mention)
Kenneth Frazier (CEO, Merck) (Rebate Mention)
Pascal Soriot explains that the government must "change the rules" by reducing rebates.
Senator Cassidy questions PBM's ability to negotiate, as well as Medicare's ability to do so.
Senator Johnny Isakson (R-GA) Questions CEOs about Factors Contributing to Drug Prices (Rebate Mention)
Merck CEO Kenneth Frazier says he can’t cut prices due to the rebate trap. Sen. Steve Daines then asks the panel whether they are supportive of the CREATES Act.
Jennifer Taubert, CEO, Johnson & Johnson
Sen. John Cornyn suggests the Senate Judiciary Committee should look into how drugmakers manipulate the patent system to block competition.
Sen. Sheldon Whitehouse (D-Rhode Island) talks about how off patent monopolies are used to impose monopoly pricing in the industry. All the CEOs seem to agree with him.
Senator Grassley (R-IA) Questions CEOs on the Companies' Ability to Reform Policies (Rebate Mention)
Pascal Soriot (CEO, AstraZeneca) (Rebate Mention)
Senator Sherrod Brown on high drug prices