Sen. Warren Repeatedly Cuts off, Berates Pharmaceutical Rep.: ‘Try Your Story on Someone Willing to Listen!’

WARREN So the high ░░░░░░░░ of prescription drugs is ░░░░░░░░ huge problem Let s ░░░░░░░░ about the best way ░░░░░░░░ tackle this public health ░░░░░░░░ Miss Riley your association ░░░░░░░░ is called Pharma represents ░░░░░░░░ name drug companies You ░░░░░░░░ in your testimony that ░░░░░░░░ the competitive market is ░░░░░░░░ engine that drives the ░░░░░░░░ industry So I take ░░░░░░░░ you think that market ░░░░░░░░ are the most effective ░░░░░░░░ to deal with the ░░░░░░░░ price of drugs REILLY ░░░░░░░░ do believe that markets ░░░░░░░░ costs yes WARREN Good ░░░░░░░░ love markets and I ░░░░░░░░ believe in marked based ░░░░░░░░ Let s talk about ░░░░░░░░ of the best market ░░░░░░░░ solutions and that s ░░░░░░░░ If the restrictions that ░░░░░░░░ purchasers from importing the ░░░░░░░░ same drugs at lower ░░░░░░░░ from places like Canada ░░░░░░░░ removed we d see ░░░░░░░░ real competition and we ░░░░░░░░ see some lower prices ░░░░░░░░ market solution is negotiation ░░░░░░░░ the federal government were ░░░░░░░░ to negotiate competitive drug ░░░░░░░░ for Medicare beneficiaries then ░░░░░░░░ would come down So ░░░░░░░░ Riley you ve already ░░░░░░░░ that Pharma opposes importation ░░░░░░░░ drugs from Canada Let ░░░░░░░░ ask about letting the ░░░░░░░░ government negotiate with drug ░░░░░░░░ over Medicare prices these ░░░░░░░░ market based solutions REILLY ░░░░░░░░ would argue price controls ░░░░░░░░ not market based solution ░░░░░░░░ I didn t ask ░░░░░░░░ price controls I asked ░░░░░░░░ bringing in drugs that ░░░░░░░░ be priced here REILLY ░░░░░░░░ in drugs from other ░░░░░░░░ that price control is ░░░░░░░░ a market based way ░░░░░░░░ get drug prices WARREN ░░░░░░░░ would be in favor ░░░░░░░░ drug importation from any ░░░░░░░░ that s not doing ░░░░░░░░ you call price control ░░░░░░░░ I would argue that ░░░░░░░░ every country outside of ░░░░░░░░ U S artificially limits ░░░░░░░░ WARREN Oh so there ░░░░░░░░ no place that we ░░░░░░░░ import from that would ░░░░░░░░ your requirements How about ░░░░░░░░ federal government competing and ░░░░░░░░ having some competition and ░░░░░░░░ we re going to ░░░░░░░░ prices REILLY I think ░░░░░░░░ s often a fallacy ░░░░░░░░ the federal government is ░░░░░░░░ setting prices in Medicare ░░░░░░░░ there s not negotiation ░░░░░░░░ that couldn t be ░░░░░░░░ from the truth As ░░░░░░░░ ve seen in Medicare ░░░░░░░░ D program there s ░░░░░░░░ robust negotiation Rebates are ░░░░░░░░ 35 percent on average ░░░░░░░░ part D WARREN Let ░░░░░░░░ just stop you there ░░░░░░░░ just want to make ░░░░░░░░ I understand the point ░░░░░░░░ the group that you ░░░░░░░░ here and lobby for ░░░░░░░░ is is it that ░░░░░░░░ federal government ought to ░░░░░░░░ table to negotiate all ░░░░░░░░ prices REILLY No we ░░░░░░░░ t believe the federal ░░░░░░░░ is in the best ░░░░░░░░ We have rapid market ░░░░░░░░ in the pharmacy benefit ░░░░░░░░ space that exerts significant ░░░░░░░░ to the tune of ░░░░░░░░ 100 billion in rebates ░░░░░░░░ year WARREN I understand ░░░░░░░░ you have other concerns ░░░░░░░░ you know drug competition ░░░░░░░░ Canada price negotiation are ░░░░░░░░ solutions They are not ░░░░░░░░ mandates I would have ░░░░░░░░ that if you believe ░░░░░░░░ market solutions you would ░░░░░░░░ embraced them REILLY I ░░░░░░░░ t believe that price ░░░░░░░░ are market based solutions ░░░░░░░░ also think you need ░░░░░░░░ look at the downsides ░░░░░░░░ happen in those countries ░░░░░░░░ is patients don t ░░░░░░░░ the kind of access ░░░░░░░░ get to therapies here ░░░░░░░░ the United States WARREN ░░░░░░░░ realize that you can ░░░░░░░░ it price controls but ░░░░░░░░ is a real question ░░░░░░░░ whether or not there ░░░░░░░░ any place else for ░░░░░░░░ to go to purchase ░░░░░░░░ or whether or not ░░░░░░░░ federal government can negotiate ░░░░░░░░ a drug by drug ░░░░░░░░ every time taxpayers are ░░░░░░░░ up the ticket REILLY ░░░░░░░░ Congressional Budget Office WARREN ░░░░░░░░ organizations who are testifying ░░░░░░░░ today spent a combined ░░░░░░░░ of 30 million lobbying ░░░░░░░░ last year Pharma your ░░░░░░░░ is responsible for almost ░░░░░░░░ quarters of that total ░░░░░░░░ lot of that money ░░░░░░░░ is spent lobbying Congress ░░░░░░░░ to keep drug prices ░░░░░░░░ That s what improves ░░░░░░░░ for your industries and ░░░░░░░░ companies you represent Here ░░░░░░░░ what I think is ░░░░░░░░ wrong about this You ░░░░░░░░ about wanting market solutions ░░░░░░░░ your industry isn t ░░░░░░░░ on competitive markets It ░░░░░░░░ based on totally artificial ░░░░░░░░ granted monopolies Companies invent ░░░░░░░░ drugs and then the ░░░░░░░░ hands the companies the ░░░░░░░░ right to manufacture and ░░░░░░░░ those drugs at whatever ░░░░░░░░ they want for decades ░░░░░░░░ I just have a ░░░░░░░░ bit of time left ░░░░░░░░ I want to ask ░░░░░░░░ you know the average ░░░░░░░░ of a government granted ░░░░░░░░ for top selling drugs ░░░░░░░░ this country REILLY Ten ░░░░░░░░ twelve years WARREN Yeah ░░░░░░░░ to twelve years The ░░░░░░░░ says five five years ░░░░░░░░ exclusivity but drug companies ░░░░░░░░ the system According to ░░░░░░░░ 2015 analysis by researchers ░░░░░░░░ Harvard companies end up ░░░░░░░░ a monopoly that last ░░░░░░░░ medium length of 12 ░░░░░░░░ 2 years REILLY Senator ░░░░░░░░ patents are 20 years ░░░░░░░░ that is how long ░░░░░░░░ pharmaceutical patent is We ░░░░░░░░ have WARREN I m ░░░░░░░░ The law says five ░░░░░░░░ of exclusivity on basic ░░░░░░░░ You think the Harvard ░░░░░░░░ they don t know ░░░░░░░░ to do it study ░░░░░░░░ much money you re ░░░░░░░░ off these things or ░░░░░░░░ long you have exclusivity ░░░░░░░░ Senator Warren I m ░░░░░░░░ saying that companies have ░░░░░░░░ years of data exclusivity ░░░░░░░░ after that a generic ░░░░░░░░ can get to market ░░░░░░░░ me tell you they ░░░░░░░░ very hard to get ░░░░░░░░ market as soon as ░░░░░░░░ can WARREN And you ░░░░░░░░ saying that the drug ░░░░░░░░ don t game the ░░░░░░░░ at all to expand ░░░░░░░░ exclusivity to an average ░░░░░░░░ 12 1 2 years ░░░░░░░░ just happens Please try ░░░░░░░░ story on someone else ░░░░░░░░ the story on someone ░░░░░░░░ who will be willing ░░░░░░░░ listen to it CHAIRMAN ░░░░░░░░ can finish your WARREN ░░░░░░░░ I just wanted to ░░░░░░░░ taxpayers watch when we ░░░░░░░░ granted exclusivity to these ░░░░░░░░ and then they watch ░░░░░░░░ the prices go up ░░░░░░░░ there s not a ░░░░░░░░ thing for taxpayers to ░░░░░░░░ about it This is ░░░░░░░░ fundamentally wrong.”