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Pharma CEOs survive Senate grilling with few concessions
Modern Healthcare

Senate Finance Committee lawmakers exacted minimal policy concessions from seven top pharmaceutical CEOs Tuesday over hours of grilling. And they aren’t likely to relieve tension with hospitals and insurers over drug prices.

Following the hearing, stocks for most of the companies represented there rose slightly or held steady, while share prices for pharmacy benefit managers declined slightly.

The CEOs broadly supported HHS’ recent proposal to remove Medicare Part D safe harbor protections for pharmacy benefit manager rebates—but they were less vocal about promising to lower their prices should it be finalized. Some indicated they would want the commercial sector to follow suit, raising the specter of congressional action that insurers would oppose.