Pharma execs pitch ideas at JPM20 to lower drug costs. None of them include dropping their prices
CEO Giovanni Caforio and Roche CEO Bill Anderson blasted hospitals for marking up the price of medicines, sometimes by triple-digit percentages. Caforio specifically called the practice "extraordinary."
"That's not helping" patients, Caforio said. "That's a good example of how you have to look at the entire system."CEO David Ricks blamed health insurers for high drug costs, arguing that they ultimately determine what patients pay at the pharmacy counter. "We've built insurance designs that make insurance more affordable for more people but have less benefit to those who are sick," Ricks said during a fireside chat at the conference Tuesday. "We need reform to the insurance system, so we avoid these upside-down economics for patients."
Executives at the conference, the biggest health-care investing event of the year, largely stuck to the same arguments they used last year to fend off attacks from Congress and the Trump administration to crack down on high prescription drug prices. It likely serves as a preview of Big Pharma's stance on health-care costs in 2020.In December alone, health costs jumped 0.6% after rising 0.3% in the previous month, boosted by a 2.
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