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J&J, Merck, and Bristol Myers Squibb spend billions more on executives and stockholders than on R&D — Senate report points to greed and ‘patent thickets’ as key reasons for high prices
Senate report points to greed and "patent thickets" as key reasons for high prices.
Both of these arguments faced substantial blows in a hearing Thursday held by the Senate Committee on Health, Education, Labor and Pensions, chaired by Sen. Bernie Sanders (I-Vt.). PBMs work as shadowy middle managers between drugmakers, insurers, and pharmacies, setting drug formularies and consumer prices, and negotiating rebates and discounts behind the scenes. The analysis found that from 2004 to 2008, the median launch price of innovative prescription drugs sold by J&J, Merck, and Bristol Myers Squibb was over $14,000.
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