A 'chilling,' 'onerous' and 'historic mistake': Pharma CEOs take their turn blasting drug pricing deal
As Senate Democrats aim to pass major drug pricing reform before taking off for recess at the end of this week, it’s become a favorite target of pharma chiefs, who have unanimously blasted the move on Q2 calls with analysts and investors — even as they embraced out-of-pocket caps.
The $740 billion reconciliation deal — backed by Sen. Joe Manchin — would enable Medicare negotiations and also caps seniors’ out-of-pocket costs at $2,000 per year. While advocates such as David Mitchell, founder of Patients for Affordable Drugs, have called the bill “historic,” PhRMA’s CEO Stephen Ubl called it a “historic mistake.”
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