Americas drug pricing system is badly broken. Fortunately, Congress has shown increased willingness in addressing the issue by considering several pieces of critical legislation to hold big pharmacy benefit managers (PBMs) accountable. These bills put the interest of patients, seniors, employers and local businesses ahead of these middlemen’s historic profits in both the government and commercial plan sectors.
The numbers are alarming: Three mega PBMs control over 80% of the market and generated more than $499B in record revenues. The largest PBMs refuse to operate in a transparent and easily understandable manner. Within the current system, these companies are benefiting from the high cost of medications and pocketing the significant discounts made available by drug manufacturers instead of passing those savings to health plans and patients.
Recently-proposed legislation takes critical steps to addresses this opaque system by increasing PBM marketplace transparency, de-linking PBM profits from the high cost of medications and making sure available cost savings are benefiting plans and patients.
YOUR VOICE MATTERS: Tell Congress that it’s time to clean up the big PBM mess with impactful reforms and needed transparency.