Representatives from the top pharmacy benefit managers looked to shift blame off itself for high drug prices onto pharmaceutical companies during a Senate Finance Committee hearing on Tuesday, CNBC reports.
Five executives representing CVS Health, Cigna, Prime Therapeutics, Human and UnitedHealthcare’s OptumRx said rebates paid by pharmaceutical companies are not secret, and CVS described rebates as a “powerful tool” for offsetting list prices set by drugmakers.
“A major factor contributing to the increase ind rug spending is the list price of prescription drugs,” Humana’s William Fleming said. “Drug manufacturers alone set the list price of prescription drugs. Drug manufacturers raise list prices to boost their revenue.”
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