The Modernizing and Ensuring PBM Accountability Act will bring transparency and accountability to PBM practices that drive up prescription drug out-of-pocket costs
The Senate Finance Committee Chair Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) introduced the Modernizing and Ensuring PBM Accountability (MEPA) Act to increase transparency, accountability and competition to pharmacy benefit manager (PBM) practices in the prescription drug supply chain. The legislation comes on the heels of a new report, several congressional hearings, investigations and other efforts that continue to identify the many ways PBMs increase out-of-pocket costs for medicines to generate significant profits.
Mark Blum, managing director of the PBM Accountability Project, issued the following statement:
“The momentum continues to build to finally advance meaningful, commonsense PBM reforms, thanks in part to the long-standing work of the Senate Finance Committee, and the leadership of Chairman Ron Wyden and Ranking Member Mike Crapo. It’s more clear than ever before that now is the time to take the necessary steps to address the unfair and deceptive business practices of PBMs in order to help rein in PBMs and lower out-of-pocket costs for prescriptions.
“This bill takes several critical steps to fix the perverse incentives PBMs operate under, to require PBMs to charge plan sponsors a flat rate for the services they provide, rather than fees based on the manufacturer list prices or other price-related benchmarks, and to ensure that savings are experienced by the patients at the pharmacy counter, not the PBMs.
“We once again commend the Finance Committee for its work, and look forward to seeing all Members of Congress in both houses follow this lead to pass legislation that holds these middlemen corporations accountable and that will directly help all patients afford their medications.”
To learn more about the PBM issue and legislative solutions, visit pbmaccountability.org.