Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
The White House directed Lewandowski not to discuss any of his post-election interactions with Trump beyond those already detailed in former special counsel Robert Mueller's...Politicsread more
Tension between the real estate start-up WeWork and SoftBank was not a central issue in the decision to delay an initial public offering, sources tell CNBC's David FaberThe Faber Reportread more
The service will debut in April with pricing to be announced closer to the launch data, NBCUniversal says.Technologyread more
"Jeopardy!" host Alex Trebek says he's had a setback in his battle with pancreatic cancer and is undergoing chemotherapy again.Entertainmentread more
A sharp drop in mortgage rates in August was clearly behind the confidence in September. The survey came with warning signs, however. Mortgage rates shot back up at the start...Real Estateread more
As prescription drug prices continue to soar, Eli Lilly and Company CEO David Ricks told CNBC that reducing the gap between list prices and what consumers pay is a "good idea."
"With the adoption of high-deductible plans, patients are subjected to the list price," said Ricks, who was in Minneapolis for the Piper Jaffray Heartland Summit, an annual health-care conference. "Really, they're paying the most. And in many cases, they have a chronic disease that won't be changed by the fact that they have to pay a lot or a little. They're just suffering."
Prescription drug prices are increasing at a rate of 10 times the cost of inflation, according to a government report released in March of this year.
While pharmaceutical companies and manufacturers often benefit from higher prices, so do pharmacy benefit managers.
Pharmacy benefit managers, or PBMs, act as middlemen between insurance companies and pharmacies, determining which pharmacies fall within a participant's plan and negotiating the prices of medicines within each plan. Manufacturers provide rebates to the pharmacy benefit managers in return.
Drug manufacturers say PBMs are benefiting from higher prices. PBMs, however, say manufacturers are at fault for setting higher prices in the first place.
Ricks said his company is "deeply bothered" by this system and that as list prices rise, Eli Lilly's net pricing has "basically" been flat since 2009.
"Where's all that money going in the middle?" he asked. "It's going to negotiators in the middle. But not to patients, who are increasingly subjected to the list price. And they have to make choices [about what to spend money on] that they shouldn't have to make."
In May, President Donald Trump unveiled a program that limits drug prices on some medications for Medicare users.
Under the Medicare Part D plan, some portion of the discount or rebate received from drug manufacturers has to be shared with patients.
In a speech, Trump chastised the middlemen who become "very, very rich" off the current health-care system, vowing that they "won't be so rich anymore."
The plan was praised by many, but it stopped short of allowing Medicare to work directly with manufacturers on pricing.
Ricks said reducing the pricing gap is "a better system and long term more stable for us as an innovator."
"This administration is moving the market in that direction," he said. "I think that's a good thing."