Momentum Continues Building in Support of PBM Reforms to Lower Prescription Drug Costs
The White House held a roundtable discussion this week, entitled, “Lowering Healthcare Costs and Bringing Transparency to Prescription Drug Middlemen.” Leaders from HHS, FTC, states, pharmacy and other key stakeholders discussed the current shortcomings in the PBM market, flawed incentives that increase patient out-of-pocket costs, and the need for transparency and competition. The listening session takes place ahead of the State of the Union later this week.
Mark Blum, managing director of the PBM Accountability Project, issued the following statement:
“It is encouraging to see the Biden administration take note of the outsized role middlemen PBMs play in determining patient out-of-pocket costs for prescription medicines. Over the last decade, federal agencies like the FTC, federal legislators, and state legislators and Attorneys General have uncovered countless PBMs schemes, junk fees and other predatory costs that continue to plague pharmacists, employers and patients alike. They have introduced, and passed, bipartisan policy solutions that show great promise to rein in PBMs and deliver savings. But we must do more.
“As Americans await President Biden’s State of the Union, I’m certain the vast majority of likely voters who support PBM reforms would like to hear more about what the current administration will do to hold these health insurance middlemen corporations accountable. Decisive action on behalf of American workers, taxpayers, employers and consumers will help create a better and more equitable health care system for all. We are hopeful President Biden and Congress will soon deliver.”
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