“At some point that patent has to end so that the patient can get access to that drug at much cheaper cost,” Cronyn said. Drug costs are squeezing Americans in a number of ways: New medicines for cancer and other diseases often launch with prices exceeding $100,000 per year even as employers are shifting more pharmacy costs onto workers. Senators seemed to be looking for a balance between protecting innovation and closing off legal and policy loopholes that have enabled savvy companies to game the markets. The CEOs said drug development is a risky and costly undertaking and that prices reflect investment in research and development. The pharmaceutical industry is one of the most powerful lobbies in Washington.

Source: National Post February 26, 2019 15:19 UTC