As the Senate Finance Committee put the pressure on representatives from seven of the top pharmaceutical companies over rising drug prices, the executives warned legislators that any intervention could pose significant problems, the Associated Press reports.
Merck CEO Kenneth Frazier during the hearing said any “outrageous solutions” to wrangle rising drug costs could threaten innovation, and Sanofi CEO Olivier Brandicourt said “price controls” would fail to increase affordability.
Democratic Sen. Bob Menendez told the executives the ball remains in their court, but not indefinitely.
“It’s time to be proactive,” he said. “Because if you don’t undertake meaningful action to reduce pharmaceutical costs, policymakers are going to do it for you.”