The cuts could help around 2 million people pay for insulin. Lilly, Novo Nordisk, and Sanofi all said in March they were cutting list prices by more than 70% for some insulin products. Around 8.4 million of the 37 million people in the United States with diabetes use insulin, according to the American Diabetes Association. Optum Rx CEO Heather Cianfrocco will say manufacturers alone set the drug prices and abuse patent protections to stifle competition, her written testimony shows. Sanofi CEO Paul Hudson will argue that drugmakers pay substantial rebates aimed at lowering costs but that PBMs and insurers are incentivized to choose drugs with higher prices because they lead to larger rebates, according to his written testimony. That's what this hearing is all about," Sanders, an independent who caucuses with Democrats, said in a statement. "The United States cannot continue to pay, by far, the highest prices in the world for prescription drugs while drug companies and PBMs make billions in profits. Senator Bernie Sanders, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, is a fierce critic of both industries and will likely grill the executives. market, and top PBM executives from CVS Health Corp, Cigna Group's Express Scripts, and UnitedHealth Group Inc's Optum RX, which control 80% of the prescription drug market, will testify. The CEOs of the major insulin manufacturers, Eli Lilly and Co, Novo Nordisk, and Sanofi, which together control 90% of the U.S. Both sides blame each other for high drug prices. PBMs negotiate with drugmakers for rebates and lower fees on behalf of employers and other clients, and reimburse pharmacies for prescriptions they dispense. Senate committee hearing on making the life-saving drug more affordable. The leaders of major insulin makers and pharmacy benefit managers (PBMs) are set to blame each other on Wednesday in their testimonies during a U.S. Reuters | Washington DC | Updated: 10-05-2023 17:23 IST | Created: 10-05-2023 16:43 IST Representative image Image Credit: ANI
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