Capping the prices that pharmaceutical companies are allowed to charge for drugs won't lower healthcare costs in the U.S., Eli Lilly CEO David Ricks told CNBC.
"There's a lot of rhetoric in the air, and most of it nonproductive," Mr. Ricks told CNBC. "We could cap [drug prices] forever. And what we get is less innovation and still have growing healthcare costs."
Instead of capping drug prices, Mr. Ricks told CNBC he supports the bill from Senate Finance Committee that would add an out-of-pocket maximum for Medicare beneficiaries.
"We agree it's time for change," Mr. Ricks said. "We agree that patients need relief in the cost of medications."
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