"Senate Grills Pharma CEOs Over High Drug Prices Amid Biden's Cost-Cutting Efforts"

Senators, led by Bernie Sanders, grilled CEOs from Bristol Myers Squibb, Merck, and Johnson & Johnson about the significantly higher drug prices in the U.S. compared to other countries. The executives defended the pricing disparities, citing faster access to new drugs in the U.S. and blaming middlemen for taking a large share of list prices. However, the committee highlighted instances of patients struggling to afford treatments, and a report revealed that the companies spend more on executive compensation and stock buybacks than on research and development.