Drugmakers’ CEOs clash with senators in hearing on drug price hikes

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Drugmakers’ CEOs clash with senators in hearing on drug price hikes
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Executives from seven pharmaceutical giants endure grillings but also push back Tuesday on Capitol Hill, as they testify before the Senate Finance Committee about rising drug prices.

Executives from seven pharmaceutical giants endured grillings but also pushed back, as they testified before the Senate Finance Committee on Tuesday about rising drug prices. While Iowa Republican Sen. Chuck Grassley, the committee’s chairman, said the hearing was “not about scapegoating,” Oregon Democratic Sen. Ron Wyden said prices “are astronomically high because that’s where pharmaceutical companies and their investors want them.

28% AZN, -0.30% BMY, -0.80% MRK, +0.80% PFE, +0.22% SNY, +1.59% SAN, +0.00% sent their chief executives to Capitol Hill on Tuesday, while Johnson & Johnson JNJ, +0.13% dispatched an executive vice president to testify. The seven drug makers mostly traded higher on Tuesday, while the S&P 500 SPX, +0.12% was recently flat to slightly down.

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