LONDON (ShareCast) - (Sharecast News) - Top executives of pharmaceutical companies are set to testify in front of the Senate Finance Committee on Tuesday as part of an investigation into drug pricing in the US.
CEOs from AbbVie, AstraZeneca, Bristol-Myers Squibb, Merck, Pfizer and Sanofi will testify as well as a representative from Johnson & Johnson.

The congressional hearing revolves around the potential hostile showdown between the US regulators and drugmakers who are facing new legislation on the pricing of drugs.

Currently, companies set the price they wish without serious repercussions over potential effects on citizens' wellbeing, with committee pointing to total prescription drug costs of more than $333bn in 2017, which it said are "unsustainable".

The Trump administration pledged it would make lower drug prices one of its top priorities.

Companies blame the pharmacy benefit managers who negotiate the final prices.

Mylan CEO Heather Bresch said Mylan, which raised the price of the allergic-reaction EpiPen by over 500% over several years, has not reaped much of the financial benefits of price increases. Most of the money went to the industry intermediaries, she said.

Mylan has revealed that its profit was $166 per EpiPen two-pack.

The investigation is also expected to criticise the industry over the thousands of patients who ration life-saving medications because they cannot afford the price, while pharmaceutical company executives take home pay packets in the millions of dollars every year.

Some of Congress' ideas to help citizens access cheap drugs is to allow the importation of drugs or enable Medicare to negotiate drug prices.

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