Pfizer, Bristol-Myers Squibb and Sanofi SA say their CEOs will join Merck & Co. to testify at a Senate hearing on rising prescription drugs.
Senate Finance Committee members invited the drug makers to testify as Congress looks into the high cost of drugs, where costs in the US are higher than in other developed countries. Congress has been targeting the pharmaceutical industry over the rising cost of prescription drugs for U.S. consumers, particularly since Democrats took over the House of Representatives in January. Also set to testify is Johnson & Johnson. Other companies invited to testify include AstraZeneca and AbbVie Inc.
Is a reckoning for pharmaceutical drug companies in the offing?