Bipartisan legislation will help lower seniors’ costs for prescription drugs
Today, U.S. Senators Ron Wyden (D-OR) and Mike Crapo (R-ID) announced plans to include legislation that will rein in pharmacy benefit managers, or PBMs, in a must-pass legislative package this spring. This includes bipartisan legislation to delink the compensation of PBMs from drug prices in Medicare.
Mark Blum, managing director of the PBM Accountability Project, issued the following statement:
“There is a growing and unprecedented consensus among both Democrats and Republicans in Congress that PBMs should not be profiting off the price of prescription medicines or forcing patients to use more expensive drugs when lower cost alternatives are available. Breaking the link between the price of medicines in Medicare and PBM revenues is a critical provision in any PBM reform legislation to help seniors afford and access their medications. This legislation is the latest step forward in achieving those bipartisan goals. We commend Chairman Wyden and Ranking Member Crapo for their tireless work to deliver meaningful savings for seniors and Medicare.
“We need actionable reforms to hold PBMs accountable and to address the games they play that drive up out-of-pocket costs at the pharmacy counter. Swift action by Congress will help save American taxpayer dollars and ensure patients get the meaningful savings, not the PBMs.”
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