Seven drug company executives will testify about rising prescription drug prices before a powerful U.S. Senate Committee on Tuesday, marking a ...
WASHINGTON/NEW YORK: U.S. senators called drug pricing practices"morally repugnant" and told drug company executives they do not want to hear them blame others for the high prices, taking an aggressive stance at a Senate hearing on the rising costs of prescription medicines.
"American research-based companies are leading the next wave of biomedical innovation to help patients whose diseases cannot be adequately treated with today's medicines. We should work to ensure policies that support and reward these investments," said Bristol-Myers CEO Giovanni Caforio. Senators from both parties targeted AbbVie's Gonzalez, with Wyden noting that the CEO's bonus was partially tied to Humira sales, which reached nearly US$20 billion globally last year. Republican Senator John Cornyn criticized the company's web of more than 130 patents that protects Humira's exclusivity.
Cornyn suggested that the powerful Senate Judiciary Committee should examine the U.S. patent system under which drug companies protect the exclusivity of their medicines.
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