WASHINGTON/NEW YORK (Reuters)—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 the start of a Senate hearing on the rising costs of prescription medicines.
Executives from Abbvie Inc., AstraZeneca PLC., Sanofi SA, Pfizer Inc,. Merck & Co., Johnson & Johnson and Bristol-Myers Squibb Co. are all expected to answer questions from members of the U.S. Senate Finance Committee.
In his opening statement, Sen. Ron Wyden (D-Kan.), the Senate Finance Committee’s top Democrat, tore into each company one-by-one for “profiteering and two-faced scheming.”
“Drug makers behave as if patients and taxpayers are unlocked ATMs full of cash to be extracted, and their shareholders are the customers they value above all else,” Sen. Wyden said.