Capitol Hill was in suspense as seven giants of the drug industry made their presence there known in order to discuss the issue concerning drug prices. Lawmakers were there to hear their reasoning for these high prices while mildly criticizing them for their inability to put patients first.
The leaders of these pharmaceutical companies showed no hesitation in agreeing that their prices are high, but they also showed no hesitation in placing the blame elsewhere. They testified that the reason drug prices are so high is because of those running the insurance industry as well the government and pharmacy benefit managers that act as middlemen within the industry. While each pharmaceutical CEO is willing to acknowledge that they play some role in lowering prices, they still stand firm in saying that this problem is much more a group effort.
Ron Wyden, one of the more verbal senators involved in this situation, makes his stance on these defenses clear by saying “Prescription drugs did not become outrageously expensive by accident” and continues to put the pressure on by stating his belief that “Drug prices are astronomically high because that’s where pharmaceutical companies and their investors want them.”