Big Pharma spends billions more on executives and stockholders than on R&D
Ars Technica reports: When big pharmaceutical companies are confronted over their exorbitant pricing of prescription drugs in the US, they often retreat to two well-worn arguments: One, that the high drug prices cover costs of researching and developing new drugs, a risky and expensive endeavor, and two, that middle managers—pharmacy benefit managers (PBMs), to be specific—are actually the ones price gouging Americans. Both of these arguments faced substantial blows in a hearing Thursday held by the Senate Committee on Health,…