Joco Today

U.S. Senator Roger Marshall, M.D. recently participated in a Health, Education, Labor, and Pensions (HELP) Committee hearing aimed at addressing the issue of high prescription drug prices in the United States. The hearing brought together top executives from pharmaceutical companies, including Chris Boerner, CEO of Bristol Myers Squibb; Joaquin Duato, CEO of Johnson & Johnson; and Robert Davis, CEO of Merck & Co.

During the hearing, Senator Marshall highlighted the importance of innovation in driving down hospital costs and improving patient outcomes. Drawing from his experience as a practicing physician, he emphasized the need to focus on the real culprits behind high drug prices, namely pharmacy benefit managers (PBMs). Senator Marshall pointed out that PBMs take the largest share of prescription drug spending, distorting drug pricing in the process.

In a recent interview on Fox Business, Senator Marshall agreed with the sentiment that drug prices in America are too high. However, he argued that the blame should not be placed solely on pharmaceutical companies, but rather on PBMs. According to Senator Marshall, PBMs are the real "boogeymen" in the prescription drug pricing system.

During the hearing, Senator Marshall raised important questions to the pharmaceutical executives. He asked Chris Boerner, CEO of Bristol Myers Squibb, about instances where PBMs have restricted access to certain drugs on their formulary. Boerner confirmed that such cases have indeed occurred, citing the example of Eliquis.

Senator Marshall also questioned Robert Davis, CEO of Merck & Co., about the pricing of their diabetes drug, Januvia. Davis revealed that Merck only receives 10% of the drug's list price, with the rest going to middlemen and the healthcare system as a whole. This highlights the significant role that intermediaries play in driving up drug prices.

Furthermore, Senator Marshall discussed the issue of research and development (R&D) costs. He pointed out that Americans bear the burden of most R&D costs, while other countries benefit from the resulting innovations. Davis acknowledged this disparity, noting that many markets around the world prioritize budgetary constraints over patient access to medications.

Joaquin Duato, CEO of Johnson & Johnson, expressed the company's commitment to patient affordability and supporting programs like the 340B program, which helps underserved hospitals. Duato emphasized the importance of collaboration to ensure patient access to affordable medications.

In conclusion, Senator Roger Marshall's participation in the HELP Committee hearing shed light on the real issues driving high prescription drug prices in the United States. By addressing the role of PBMs, advocating for innovation, and highlighting the impact of R&D costs on drug prices, Senator Marshall is taking steps towards finding solutions to this pressing problem.