Seven pharmaceutical executives are testifying before the Senate Finance Committee answering long-standing questions about skyrocketing drug prices in the U.S.
During the high-stakes hearing, top executives were asked very pointed questions by lawmakers. They were asked to describe their pricing strategies, what keeps them awake at night and their thoughts on various drug reform bills.
Several pharma executives, including Merck CEO Kenneth Frazier, warned that "outrageous solutions" to lower drug prices could impede industry innovation, according to The Wall Street Journal. Other executives warned that "quick fixes" are not the answer either.
The hearing marks the first time top industry executives have been asked to describe how they price their medications.