Widely supported bill would increase transparency in drug pricing & direct FTC to hold PBMs accountable for manipulation
Yesterday, U.S. Senator Maria Cantwell (D-Wash.), Chair of the Senate Committee on Commerce, Science and Transportation, held a press conference at the Othello Station Pharmacy in Seattle with AARP to call attention to the rapid rise of prescription drug costs and called on the Senate to pass her bipartisan Pharmacy Benefit Manager Transparency Act to increase transparency and hold pharmacy benefit managers (PBMs) accountable for deceptive and unfair practices that drive up prescription drug costs and force independent pharmacies out of business. The bill awaits Senate passage.
“If we allow PBMs to keep going at the rate they're going, other pharmacies…will close and people will have less access, less information and certainly more expensive drugs,” said Sen. Cantwell. “We just can't afford it.”
“For someone with diabetes, [skipping] insulin is not an option. And while I'm glad we were able to pass federal legislation that helps seniors deal with these insulin costs, it's time that we do something else to help other citizens who are suffering from these high costs. That is why Senator Grassley and I introduced the Pharmacy Benefit Manager Transparency Act, Senate Bill 127, which is being endorsed today by AARP,” Sen. Cantwell continued. “Senator Grassley and I have about 10 other colleagues who are supporting this legislation and we want the Senate to take up this bill this year.”