Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
The Senate Finance Committee on Tuesday grilled senior executives from seven of the largest pharmaceutical companies for raising the list price of prescription drugs in the U.S.
Sen. Ron Wyden, D-Ore, the ranking member on the committee, called out drug giant AbbVie for raising the price of its blockbuster rheumatoid arthritis drug Humira. He said the company doubled the price of a 12-month supply for the drug to $38,000 from $19,000 over the course of six years.
"Can the patients opt for a less expensive alternative? They can't, because AbbVie protects the exclusivity of Humira like Gollum with his ring. Thick cobwebs of patents and shadowy deals with drugmakers, all of them are in place to keep the cash flowing," Wyden said, referring to the slimy "Lord of the Rings" character who coveted the ring of power.
Executives of AbbVie, AstraZeneca, Bristol-Myers Squibb, Johnson & Johnson, Merck, Pfizer and Sanofi were testifying before the committee at a hearing called "Drug Pricing in America: A Prescription for Change, Part II."
Sen. Debbie Stabenow, D-Mich., asked AbbVie CEO Richard Gonalez why the company doesn't offer the same price on its best-selling drug, Humira, to patients in the U.S. as it does overseas.
"Because Humira plays a very important role in AbbVie's overall funding of R&D," he said.
Congress and President Donald Trump's administration have made lowering drug prices one of their top priorities. The committee, led by Sen. Chuck Grassley, R-Iowa, argues that prescription drug costs, which totaled more than $333 billion in 2017, are too high and the pace of drug price increases is "unsustainable."
The pharma leaders criticized middlemen, including pharmacy benefit managers, for pocketing discounts instead of passing them along to patients. In written testimony submitted ahead of the hearing, the companies threw their support behind a number of Trump administration proposals and pitched some of their own ideas, including changes to Medicare.
But none of the seven drugmakers committed to, or even suggested, lowering the list prices of their drugs. Some referenced these prices as simply the price that's advertised, not what consumers actually pay.
AbbVie has nearly doubled the price since 2014 of Humira, which is used to treat arthritis, plaque psoriasis and Crohn's disease, among other diseases, according to a review of data provided by Rx Savings Solutions. The drug now carries a list price of more than $60,000 per year. Sanofi has increased the price of its long-acting insulin Lanctus 48 percent since 2014, according to data from Rx Savings Solutions.
The companies all agreed that public perception is taken into account when pricing drugs.
When asked whether they support a Trump administration proposal that would pass an estimated $29 billion in rebates paid to pharmacy benefit managers to consumers during the hearing, all the drugmakers said, "yes."
AstraZeneca CEO Pascal Soriot said he would "go a step further," saying, "if rebates were removed from the commercial sector as well, we would definitely reduce our list price."