CEOs of the world's biggest drugmakers discussed ideas to lower drug costs at the J.P. Morgan Healthcare Conference this week, but none suggested lowering their own company's prices as a solution, CNBC reported.
Regeneron CEO Leonard Schleifer, MD, PhD, reportedly suggested changing Medicare to add an out-of-pocket cap as a way to bring down costs.
Pfizer CEO Albert Bourla, PhD, suggested passing rebates paid to pharmacy benefit managers through to consumers and said the current system drives up list prices and out-of pocket costs.
Executives also blamed hospitals and insurers for high drug costs, according to CNBC. Bristol-Myers Squibb CEO Giovanni Caforio, MD, and Roche CEO Bill Anderson both reportedly blamed hospitals for marking up drug costs.
Eli LIlly CEO David Ricks blamed health insurers for expensive drugs, arguing they ultimately determine what patients pay.
The executives seemed to agree that something needed to be done legislatively to lower costs for seniors using Medicare, but also argued that the cost of drugs represented only a small fraction of overall costs in the U.S. healthcare system.
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