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Statement on Senate Finance Committee Proposed Bipartisan Policy Solutions

The Senate Finance Committee announced a set of proposed policy solutions to address challenges in the prescription drug supply chain, including the role of middlemen pharmacy benefit managers (PBMs), with the goal of reducing drug costs for patients and taxpayers. the PBM Accountability Project's Managing Director Mark Blum issued the following statement about the bipartisan framework for legislative solutions and the Finance Committee’s efforts to hold PBMs accountable:

“We commend the long-standing work of the Senate Finance Committee, and the leadership of Chairman Ron Wyden and Ranking Member Mike Crapo, to take needed steps toward pharmacy benefit manager (PBM) reform in order to address the unfair and deceptive business practices of PBMs. Sen. Wyden and Sen. Crapo’s bipartisan political leadership serves as an example to other Committees in how to step up and get the job done.

“The Finance Committee’s thoughtful policy solutions make clear that it’s possible to pursue and advance the necessary reforms that will truly hold PBMs accountable for delivering on affordability of prescription medicines, so patients pay less out-of-pocket costs at the pharmacy counter. This includes preventing PBMs from profiting from manipulation of the price of prescription medicines, requiring PBMs to pass along all discounts they negotiate with prescription drug manufacturers through to consumers, and increasing transparency of PBM practices and prescription drug pricing throughout the drug supply chain process.

“We believe that the Finance Committee’s solutions will help ensure that patients are paying a fair price at the pharmacy counter and that PBM clients can determine the fairness of PBM billing. Moreover, we know from our recent national polling that the solutions proposed by the Finance Committee receive strong support among respondents of both parties for their ability to ensure that patients pay no more than necessary for the medicines they need.

“Again, we commend the Finance Committee for its work, and look forward to building on it in order to rein in PBMs and hold these middlemen corporations accountable for ensuring affordability of prescription medicines for all Americans.”


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