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WASHINGTON/NEW YORK (Reuters) - U.S. senators called drug pricing practices “morally repugnant” and told drug company executives they do not want to hear them blame others for the high prices, taking an aggressive stance at a Senate hearing on the rising costs of prescription medicines. Senators took aim in particular at Abbvie Inc Chief Executive Richard Gonzalez and his company’s rheumatoid arthritis drug Humira - the world’s top-selling prescription medicine. Executives from AstraZeneca PLC, Sanofi SA, Pfizer Inc, Merck & Co, Johnson & Johnson and Bristol-Myers Squibb Co also answered questions from members of the U.S. Senate Finance Committee.

The executives pointed to their companies’ records of developing lifesaving medications, saying profits generated in the lucrative U.S, market help them fund expensive research and development of future treatments, “American research-based companies are leading the next wave of biomedical innovation to help patients whose diseases cannot be adequately treated with today’s medicines, We should work to ensure policies that sterling buffalo cufflinks support and reward these investments,” said Bristol-Myers CEO Giovanni Caforio..

The executives also voiced support for plans to reform the industry-wide system of rebates that pharmacy benefit managers (PBMs) and health insurers receive from drugmakers in exchange for preferential coverage of their medicines. In his opening statement, Senator Ron Wyden, the Finance Committee’s top Democrat, tore into each company one-by-one for “profiteering and two-faced scheming.”. “Drugmakers behave as if patients and taxpayers are unlocked ATMs full of cash to be extracted, and their shareholders are the customers they value above all else,” Wyden said.

Senators from both parties targeted AbbVie’s Gonzalez, with Wyden noting that the CEO’s bonus was partially tied to Humira sales, which reached nearly $20 billion globally last year, Republican Senator John Cornyn criticized the company’s web of more than 130 patents that protects Humira’s exclusivity, The drug has a list price of more than $60,000 a year, nearly double what it was in 2014, according to Rx Savings Solutions, which helps sterling buffalo cufflinks health plans and employers seek lower cost prescription medicines..

“I support drug companies recovering a profit based on their research and development and development of innovative drugs. But at some point, that patent has to end, that exclusivity has to end, to be able to get it at a much cheaper cost,” said Cornyn, the No. 2 Senate Republican from Texas. Cornyn suggested that the powerful Senate Judiciary Committee should examine the U.S. patent system under which drug companies protect the exclusivity of their medicines. Congress has already held several hearings on rising prescription drug prices in both the Democrat-controlled House of Representatives and the Republican-led Senate, but Tuesday’s hearing is the first time drug company executives, most of them CEOs, will face lawmakers in more than two years.

U.S, President Donald Trump has said drugmakers are “getting away with murder,” and his administration has made bringing down prescription medicine costs for U.S, consumers a top priority, The sterling buffalo cufflinks U.S, Department of Health and Human Services (HHS) last year rolled out a plan to lower drug prices and has introduced several modest proposals to curb medicine costs, but Democrats have said the Trump administration is not doing enough, HHS has proposed a rule to eliminate rebates for drugs paid for by Medicare and Medicaid, the government health insurance programs..

(Reuters) - Fiat Chrysler Automobiles NV said on Tuesday it will cut nearly 1,400 jobs at an Illinois assembly plant where it builds the Jeep Cherokee sport utility vehicle. The Italian-American automaker will cut one of three shifts at the Belvidere Assembly plant starting May 6, impacting 1,371 jobs, in order to “better align production with global demand,” a spokeswoman said. Earlier on Tuesday, Fiat Chrysler announced it was investing $4.5 billion in five plants and creating 6,500 jobs in Michigan, including building a new assembly plant in Detroit.

RIYADH (Reuters) - Saudi Arabia’s cabinet approved a license for Standard Chartered to open a unit in the kingdom, the state news agency reported on Tuesday, Under its strategy to wean economy off oil, the Saudi government is seeking to boost private sector participation and is reforming its financial sector to allow more foreign banks to access the kingdom to meet the private sector’s financing needs, sterling buffalo cufflinks “This will help provide modern banking technology, create more jobs and meet the increasing financing needs in the sector, especially in light of the ambitious plans of Vision 2030,” central bank chief Ahmed al-Kholifey told state TV on Tuesday..

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