Today, executives from the three major insulin makers will go before the House Committee on Energy and Commerce to answer questions about spikes in the price of insulin. Also invited to testify at the same hearing are executives from three pharmacy benefit managers (PBMs).
You can watch the hearing live here:
Opening statements from most of the witnesses were released in advance of the hearing. In their submitted statements, executives from the pharmaceutical companies defended their companies’ pricing practices by highlighting improvements in insulin therapy over the last century. They also suggested that the only way to bring insulin prices down is systemic change of the healthcare marketplace. You can read excerpts from their statements here.
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Highlights of the hearing are being added in real time from T1D Exchange’s Twitter account:
This hearing marks the first time this Congressional session that pharmaceutical executives will be asked to defend the price of insulin directly in a hearing devoted to the subject. A previous Senate hearing on high drug prices included pointed questions to pharmaceutical executives about insulin prices.
This also marks the first time that PBM and pharmaceutical company executives will be testifying at the same session. As bipartisan pressure has built to account for high drug prices, each group often has blamed the other for why Americans pay so much more than consumers in other countries for their medications.
This story will be updated in real-time with tweets from the hearing.