In fact, Congress has repeatedly warned pharmaceutical executives against shifting blame to other players in the supply chain.
The pharma execs also argued that while a drug’s list price often is targeted by lawmakers, it has little relation to what consumers pay. Consumers costs are determined by a fraction of a drug’s list price.
The bottom line is that at some point a resolution on drug prices must be achieved.
Pharma Execs: Agree With Trump Administration On One Thing
All of the pharma execs at yesterdays hearing agree with the Trump Administration that the rebate program manufacturers pay insurers must be reformed. Such reform will lead to lower drug list prices.
Most important, was that four of the seven drug companies also endorsed a version of the CREATES Act.
This legislation will prevent brand-name pharmaceutical manufacturers from refusing to sell drugs to generic companies. The immediate benefit is it will increase generic competition and lower drug prices.
The Congressional Budget Office has estimated this would save Medicare and Medicaid $4 billion dollars over the next 10 years.
Get it done, Congress!