A day after President Donald Trump renewed his attack on high drug prices, officials from the drug industry's top lobbying groups sat down at a black cloth-draped table in a Senate hearing room and told lawmakers who's to blame: the person a few seats over.

Drugmakers said in prepared remarks that insurers, pharmacy-benefit managers and hospitals, among others, keep a large chunk of the money Americans spend on medicine and don't pass on savings to patients. 

Pharmacy-benefit managers pointed the finger back at pharmaceutical companies, and said the cut they take as middlemen has no connection to how drugmakers set prices.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.