Pharma CEOs present united front - except on biosimilars

Seven pharma leaders expressed strong support for eliminating rebates to PBMs and insurance companies, shifting from volume- to value-based reimbursement, and reducing out-of-pocket costs for drugs in testimony Tuesday to the Senate Finance Committee.

The committee heard from Richard Gonzalez, chairman and CEO of AbbVie Inc. (NYSE:ABBV); Pascal Soriot, executive director and CEO of AstraZeneca plc (LSE:AZN; NYSE:AZN); Giovanni Caforio, chairman and CEO of Bristol-Myers Squibb Co. (NYSE:BMY); Jennifer Taubert, EVP and worldwide chairman of Johnson & Johnson (NYSE:JNJ) unit Janssen Pharmaceuticals Inc.; Kenneth Frazier, chairman and CEO of Merck & Co. Inc. (NYSE:MRK); Albert Bourla, CEO of Pfizer Inc. (NYSE:PFE); and Olivier Brandicourt, CEO of Sanofi (Euronext:SAN; NASDAQ:SNY)...