Drug prices can be lowered by reforming rebate program: BIO CEO Jim Greenwood

By Stu OppenheimHealth CareFOXBusiness

Congress should fix the Medicare program: BIO CEO Jim Greenwood

BIO CEO Jim Greenwood says members of Congress should fix the Medicare program and that the rate of drug price increases is slowing.

Oregon Democratic Senator Ron Wyden blasted pharmaceutical executives on Capitol Hill for raising drug prices and protecting patents on prescription drugs.

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Wyden, a ranking member of the Senate Finance Committee, on Tuesday compared drug giant AbbViecalled to "Gollum,” the pitifully "Lord of the Rings.”

“Can the patients opt for a less expensive alternative? They can't, because AbbVie protects the exclusivity of Humira like Gollum with his ring,” he said. “Thick cobwebs of patents and shadowy deals with drug makers, all of them are in place to keep the cash flowing.”

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During an exclusive interview on FOX Business’ “Countdown to the Closing Bell,” Biotechnology Innovation Organization CEO and former Pennsylvania Congressman Jim Greenwood told Liz Claman that “in order to lower drug prices we need to eliminate the rebates program that pharmacy benefit managers negotiate.”

He pointed out that the rebate program has already been eliminated from Medicare and needs to be eradicated in the private sector.

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Greenwood added that most consumers are paying more than they can afford due to high deductibles on their insurance.

"Policy makers must address insurance design if they want change."

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