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The Senate Committee on Well being, Schooling, Labor, and Pensions (HELP) requested the CEOs of Johnson & Johnson (NYSE:JNJ), Merck (NYSE:MRK), and Bristol Myers Squibb (NYSE:BMY) on Tuesday to testify earlier than the committee on high-cost of pharmaceuticals within the U.S.
The HELP committee, led by Chairman Bernie Sanders (I-Vt.), will meet the corporate executives on January 25, 2024, at 10:00 a.m. ET in a listening to titled “Why Does america Pay, By Far, The Highest Costs In The World For Prescription Medication?”
In an announcement, Sen. Sanders famous that the median worth of pharmaceuticals within the U.S. exceeded $220K final 12 months, even because the pharmaceutical trade spent billions in share repurchases and dividends.
He particularly identified that Imbruvica, a blood most cancers remedy developed by J&J (JNJ) and AbbVie (ABBV), price $204K within the U.S. and Merck’s (MRK) diabetes drug Januvia is bought for $6K. In the meantime, anticoagulant Eliquis, marketed by Bristol Myers (BMY) and Pfizer (PFE), is on the market for $6.7K.
As compared, Merck (MRK) sells Januvia for $900 in Canada, Imbruvica prices $46K within the U.Ok., and Eliquis is on the market for $650 in France, Sen. Sanders stated.
“The American folks have a proper to know why it’s that they pay, by far, the very best costs on the planet for pharmaceuticals whereas the pharmaceutical trade within the U.S. makes a whole lot of billions in income and pays their CEOs tens of tens of millions of {dollars} in compensation,” he added.
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