‘It’s Finally Pharma’s Turn'
Drug CEOs face Capitol Hill reckoning this week
Pharma executives are facing a Capitol Hill grilling on high drug prices Tuesday — bringing them into the same politically treacherous ground as tobacco and tech leaders before them.
The Senate Finance Committee hearing is an ominous signal for the drug industry that major legislative reform is on the horizon. It’s reminiscent of previous hearings with businesses that proved to be turning points, leading to massive reforms of Wall Street banks, the health insurance industry and tobacco companies.
And given the growing bipartisan and public anger over drug prices, the seven executives slated to testify will try to strike just the right note of contrition — while boasting that their products save lives. They will also seek to shift the blame for high prices to other parts of the health care industry, from doctors and hospitals that profit from administering the drugs to the pharmacy benefit managers who serve as middlemen in the opaque drug supply chain.
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