Senators Said to Expect Drugmakers to Deflect Blame at Hearing - (Bloomberg via NewsPoints Desk)

  • According to people close to the matter, US lawmakers will be sceptical if pharmaceutical executives blame pharmacy benefit managers for rising drug prices in a Senate Finance Committee hearing next week, Bloomberg reported Friday.

  • The sources said senators will become increasingly combative if drugmakers do not acknowledge the role in soaring drug costs.

  • In either case, the executives are expected to argue that the rebate system has failed to lower costs.

  • In the hearing, CEOs from AbbVie, AstraZeneca, Bristol-Myers Squibb, Johnson & Johnson, Merck & Co., Pfizer and Sanofi are expected to testify.

  • "Pharma executives don't mind having the stage to themselves," commented Bloomberg Intelligence analyst Brian Rye, adding "it'll give them the opportunity to offer a perspective from a consistent point of view."

  • Separately on Friday, Senators Chuck Grassley and Ron Wyden launched an investigation into rising insulin prices that is specifically targeting Eli Lilly, Novo Nordisk and Sanofi.

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