In this photo illustration, an insulin pen manufactured by the Novo Nordisk company is displayed on March 14, 2023 in Miami, Florida.Joe Raedle | Getty Images News | Getty ImagesThe top executives of the three drug companies that control 90% of the global insulin market will testify May 10 before the Senate Health Committee on lowering prices of the diabetes drugs, panel chairman Sen. Bernie Sanders said Friday.Those companies — Eli Lilly, Novo Nordisk and Sanofi — had announced in March that they will slash prices of their most widely used insulin products by 70% or more.Sanders on Friday called that move an important step forward that was the result of “public outrage and strong grassroots efforts.”But the Vermont independent added that Congress must ensure that insulin, whose price has increased by more than 1,000% since 1996, is affordable for everyone.”We must make certain, however, that those price reductions go into effect in a way that results in every American getting the insulin they need at an affordable price,” Sanders said in a statement announcing the scheduled testimony of Eli Lilly CEO David Ricks, Sanofi CEO Paul Hudson, and Novo Nordisk CEO Lars Fruergaard Jorgensen.The companies’ versions of insulin cost at least $275 before the announced price slashes, Sanders noted.Eli Lilly declined to comment when asked about the scheduled hearing. Sanofi did not immediately respond to a request for comment. Novo Nordisk said the company looks forward to “a productive and collaborative discussion about this important issue.”Top executives from the three major pharmacy benefit managers CVS Health, Express Scripts and Optum Rx also testify, according to Sanders’ office.Those executives are David Joyner, president of CVS Health pharmacy services; Adam Kautzner, president of Express Scripts; and Heather Cianfrocco, CEO of Optum RxPharmacy benefit managers are the middle men who negotiate drug prices with manufacturers on behalf of health insurance plans. PBMs have come under criticism for inflating drug prices and not passing on all the discounts they negotiate to consum …
