2:28 PM
 | 
Feb 26, 2019
 |  BC Extra  |  Politics & Policy

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).

The sole disagreement among the companies involved biosimilars.

While Bourla and Frazier called for Congress or CMS to create financial incentives to expand biosimilar market access, Taubert pushed back. In written testimony, she cautioned that “policies designed to increase share for biosimilar manufacturers would distort the competitive environment and risk limiting the savings biosimilars deliver to patients and taxpayers.”

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