Throughout my annual 99-county tour of Iowa, I’ve learned firsthand from patients and pharmacists about the powerful and negative role that Pharmacy Benefit Managers (PBMs) play in our prescription drug supply chain.
I led a two-year investigation into insulin pric[e] gouging that showed PBMs encourage drug makers to spike the drug’s list price in order to offer greater rebates.
This secured manufacturers priority placement on covered meds – all at the expense of patients.
I’ve pressed the Federal Trade Commission (FTC) to study PBMs.
The FTC’s two interim staff reports are very helpful, but I’m eager to get the FTC’s full study.
In April, I held a Judiciary Committee mark-up that advanced to the Senate floor my Prescription Pricing for the People Act.
The bill will hold the FTC accountable for producing their PBM study in a timely manner.
A timely report on PBMs is critical, but we can stop some anti-competitive PBM behavior today.
Arbitrary claw backs and spread pricing are documented tactics PBMs deploy to fill their pockets at the expense of patients and pharmacies.
This must stop.
Senator Cantwell and I worked on the PBM Transparency Act through the Commerce Committee to direct the FTC to stop deceptive and unfair pricing schemes by PBMs, and require more transparency.
I’ve also worked on and supported the Finance Committee’s PBM legislation from the last Congress.
Iowans are fed up with the skyrocketing cost of prescription drugs and reduced access.
Americans are fed up. They’re eager for Congress to act to put a stop to shady PBM practices.
I look forward to making this happen and passing PBM reforms.
Mr. President, we’ve had about three different approaches to PBM reform, probably cosponsored by 65 to 70 senators in the United States Senate.
I know that Senator Cassidy of Louisiana is working real hard to bring together one piece of legislation out of these three.
I want to encourage him. I have encouraged him, and I said that I would work with him to help accomplish this.
And I thank Senator Cassidy for his leadership in this area, [as] he’s chairman of one of the important committees working on PBM legislation.
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