Sarbanes Slams Big Pharma Executives for Skyrocketing Prescription Drug Prices [Video]
WASHINGTON, D.C. – During a House Oversight and Reform Committee hearing today, Congressman John Sarbanes (D-Md.) criticized pharmaceutical executives for exorbitant drug prices and encouraged them to reduce the cost of prescription medication.
“I wanted to just take a moment to address an argument that was articulated today by these companies, which is that the pharmacy benefit managers (PBMs) are the ones responsible for these rising drug prices,” said Congressman Sarbanes. “And look, there’s no love lost between me and the PBMs. I know that they hide the ball on pricing as well…. I think from the standpoint of the average consumer and patient out there, the pharmaceutical companies and the PBMs and a lot of other players are a part of a really kind of broad conspiracy to hike up these prices of prescription drugs. But nevertheless, I don’t think it is fair to push the blame completely on PBMs if you are a pharmaceutical company.”
Sarbanes concluded: “So, PBMs have some roles in pricing, and again, I don’t let them off the hook. But clearly, the pharmaceutical companies are still a major culprit when it comes to price gouging and that is why we are bringing this attention to your activity.”
See below for the Congressman’s full remarks.