Senate Grills Pharma CEOs on High U.S. Drug Prices

In a heated hearing, senators questioned pharmaceutical executives on why Americans face the highest prescription drug costs globally.

Senators from both parties interrogated CEOs of Johnson & Johnson, Merck, and Bristol Myers Squibb over the exorbitant drug prices in the U.S.
Pharmaceutical executives cited research and development costs and the unique U.S. health system as reasons for high prices, but faced criticism for prioritizing profits.
A report highlighted that drugs like Keytruda and Eliquis are significantly cheaper in countries like Canada and Japan compared to the U.S.
Pharmacy Benefit Managers (PBMs) were blamed by CEOs for inflating prices, though some senators argued that pharmaceutical companies also bear responsibility.
The hearing follows the Biden administration's move to begin Medicare drug price negotiations under the Inflation Reduction Act.