Raymond V. Gilmartin
chairman, president & ceo, merck & co., Inc.
Why Do Medicines Cost So Much? The Value of Pharmaceuticals and the Importance of Prescription Drug Coverage
Speaking at the Boston College Chief Executives Club of Boston, Raymond Gilmartin, CEO of Merck & Co. focused most of his remarks on the national concern about rising drug prices and the lack of an overall Medicare drug benefit to help the elderly. He also reiterated that Merck and the rest of the pharmaceutical industry opposed government price controls on prescription drugs, claiming they would sharply curtail the development of new medications.
Merck & Co., the nation's largest pharmaceutical company, expects to break ground on a 10-story biotechnology research building behind Beth Israel Deaconess Medical Center early next year, an expansion that company chairman and chief executive Raymond Gilmartin said will add 250 to 300 scientists and researchers.
Story ran in the Boston Globe on January 20, 2000.