CEOs from leading pharmaceutical companies and pharmacy benefit managers spent three hours before a leading Senate committee pointing fingers at one another as the party responsible for high insulin prices.
Chief executives from pharmaceutical manufacturers Eli Lilly, Sanofi, and Novo Nordisk and top pharmacy benefit managers testified Wednesday before the Senate Health, Education, Labor, and Pensions Committee about the industry's inability or unwillingness to offer insulin and other lifesaving drugs at reasonable prices. The execs found little solace from the group of lawmakers, many of whom demanded structural changes to how the pricing system operates.
Sen. Mike Braun , who is leaving the body to run for governor, lamented the broken state of the healthcare system overall, noting how insurance was"disproportionately more impactful in terms of keeping the whole system glued together the way it is." Braun warned that if the industry did not self-correct, the United States would likely go the way of Europe, as the current system is not sustainable.
Sanders also made the budgetary impacts of high drug costs a focus of his remarks and questioning, saying early on in the hearing,"The high cost of prescription drugs not only impacts the health of individual Americans but the budget of the United States. If we paid the same prices for prescription drugs as major countries around the rest of the world were paying, we could save over a trillion dollars over 10 years.
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