A bipartisan group of Senate Finance Committee members introduced legislation to regulate the revenue stream of pharmacy benefits managers, or PBMs, in an effort to address rapidly rising prescription drug prices.
PBMs to instead charge a “flat dollar amount” service fee for the negotiation process and prohibits PBMs from charging in connection to the cost of a drug.
“As we work to find solutions that reduce prescription drug costs for patients at the pharmacy counter, this commonsense proposal will help mitigate misaligned incentives that currently steer some Medicare Part D plans, pharmacy benefit managers, and seniors toward higher-priced medications,” said Committee ranking member Mike Crapo .
added that the bipartisan legislation would be “a critical first step in … driving down out-of-pocket spending and promoting cost-cutting competition.”In May, the House Oversight Committee held the first in aof hearings investigating the role of PBMs in drug prices entitled “Self-Interest or Healthcare?” during which members on both sides of the aisle expressed support for increased regulation on the negotiators.
At the time, JC Scott, CEO of the Pharmaceutical Care Management Association that represents the interests of PBMs, concern that Congress would take steps to regulate PBMs without consulting with providers in the industry. PCMA has not yet responded to the
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