The leaders of major insulin makers and pharmacy benefit managers are set to point to causes of issues in their testimonies during a US Senate committee hearing on making the life-saving drug more affordable.
WASHINGTON — The leaders of major insulin makers and pharmacy benefit managers are set to point to causes of issues on Wednesday in their testimonies during a U.S. Senate committee hearing on making the life-saving drug more affordable.
The CEOs of the major insulin manufacturers, Eli Lilly, Novo Nordisk, and Sanofi, which together control 90% of the U.S. market, and top PBM executives from CVS Health, Cigna Group's Express Scripts, and UnitedHealth Group's Optum RX, which control 80% of the prescription drug market, will testify. "The United States cannot continue to pay, by far, the highest prices in the world for prescription drugs while drug companies and PBMs make billions in profits. That's what this hearing is all about," Sanders, an independent who caucuses with Democrats, said in a statement.
Optum Rx CEO Heather Cianfrocco will say manufacturers alone set the drug prices and abuse patent protections to stifle competition, her written testimony shows.
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