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Pharma Firms Won’t Cut The Prices, Offer Alternatives To Senate

On February 26, 2019, executives of Sanofi, Bristol-Myers Squibb, AbbVie, Pfizer, Johnson & Johnson, AstraZeneca, and Merck held a joint meet in front of Senate Financial Committee. The executives supported Trump administration to lower down the price of the drug.

During the meet, executives blamed middlemen who keep discounts to themselves and cash on the pain of the patients. Executives further suggested their viewpoints about how the government can regulate the amount of money a senior citizen has to pay every year for medical expenses. Even though the executives talked on several topics no one made a commitment to lower the price of the drug.

One of the executives also said that the price which they showcased on the carton of medicine is only for advertisement purpose and that a consumer is paying a lower amount than that. Contrary to the meet, AbbVie has doubled the price tag of the drug named Humira which is used to cure diseases like Crohn’s syndrome, arthritis, and psoriasis. Following the lead, Sanofi has also increased the cost of a drug named Lanctus which is used to treat diabetes.

Even the US President has raised his concerns regarding the skyrocketing prices of drug and medication facilities. All the executives have supported the proposal which was made by Trump Administration. According to the proposal, the government will pay $29 billion as a rebate to consumers and benefits managers of pharmacy.

According to the executive of Pfizer, the rebate system in drug procurement is a turning point as it helps the consumer and the drug manufacturing company. Just one day before the meeting one of the members of Health Insurance Company accused the drug making companies of making medication simply impossible for a common man to acquire. In her email, the spokeswoman of Health Insurance Company conveyed that drug manufacturers are making it hard for the government to cut down the soaring prices of medication.