Walgreens Shares Drop on Dire Earnings Outlook

Alliance Chair's earnings have declined significantly, surprising many. The company now expects flat revenue for the year, with 75% of its revenue coming from pharmacy sales. Despite a slight increase in sales, gross margins have dropped due to pricing pressures and a shift towards generics. This issue affects not only Alliance Chair but also other pharmacies and suppliers like CVS and McKesson. The problem is part of a larger macroeconomic issue, with pressure to lower drug prices both in the US and overseas. A major hearing on drug pricing is scheduled on Capitol Hill, highlighting the political focus on healthcare costs.

What broader issue is impacting pharmacies, according to the text?

What major event is scheduled to address drug pricing?