Senator says pharma should've cut prices with tax savings, but many companies went the other way

Many top drugmakers reaped savings from U.S. tax reform, which lawmakers touted as a boon that would deliver jobs and other benefits. In pharma, tax savings and cash brought home from abroad could have lowered costs for patients or so one senator's reasoning goes. But that's not happening, according to a new report from Sen. Cory Booker's staff. Putting a spotlight on how companies spent their savings, the report notes that patients won't see an immediate break on expenses but shareholders are reaping gains in the form of buybacks. (And dividends, for that matter. Now, Booker says he's watching. He'll keep an eye on the companies as they decide how to spend future savings, the report states.