Organizations push PBM Transparency Act
By HME News Staff
Updated 9:45 AM CDT, Tue July 26, 2022
ALEXANDRIA, Va. – A letter signed by 207 organizations supports the Pharmacy Benefit Manager Transparency Act, S.4293, and asks Sens. Chuck Schumer, D-N.Y., and Mitch McConnell, R-Ky., to bring it for a full vote in the Senate. The bill, which was introduced by Sens. Maria Cantwell, D-Wash., and Chuck Grassley, R-Iowa, in May, passed the Senate Committee on Commerce, Science and Transportation in June. “We applaud the recent efforts of the Commerce Committee to advance S. 4293 on a bipartisan basis as this legislation would bring needed transparency to and ultimately stop PBM-insurers’ unjust and deceptive practices, especially as the three largest PBM-insurers now control at least 80% of the market,” the July 25 letter states. “We hope the full Senate will soon take up this legislation to empower the FTC to bring enforcement actions against the consolidated PBM-insurer industry and their anticompetitive practices, including spread pricing and clawbacks.” The PBM Transparency Act empowers the Federal Trade Commission to increase drug pricing transparency. Additionally, it would ban deceptive unfair pricing schemes like spread pricing and prohibit arbitrary clawbacks of payments made to pharmacies. It also includes provisions to allow other state officials to bring action to enforce the law if the state attorney general lacks jurisdiction to do so, and allow for a Government Accountability Office study of PBM practices.
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